The IRS has released the full list of electric vehicles that will qualify for the $7,500 federal tax credit once the new rules take effect on April 18, and that list is very small.
As reported by The edge, the IRS has released a list of electric vehicles that will be eligible for the partial or full federal tax credit when its new rules go into effect on Tuesday, April 18. According to the agency’s list, only six electric vehicles will qualify for the $7,500 federal tax credit. A number of other vehicles will qualify for the $3,750 half credit.
According to the IRS, the Cadillac Lyriq, Chevy Bolt EV, Chevy Bolt EUV, Ford E-Transit, F-150 Lightning and certain configurations of the Tesla Model 3 and Model Y will be the only electric vehicles eligible for the full tax. credit. Other vehicles like the Ford Mustang Mach-E and Tesla Model 3 Standard Range RWD will still qualify, but only for the $3,750 half credit.
Some other vehicles like the Nissan Leaf, BMW X5 xDrive45e, Genesis Electrified GV70, Rivian R1S, Rivian R1T and Volkswagen ID.4 will lose the credit altogether. Albert Gore, executive director of the Zero Emissions Transportation Association, said in a statement that fortunately electric vehicles retaining some version of the credit account for the vast majority of electric vehicle sales in the country.
“The good news here is that, based on first quarter sales volumes, more than 90% of vehicles that were eligible for credit before April 18 are still eligible, with the vast majority eligible for full credit. electric vehicle supply chain have worked hard to secure supply chains for batteries and critical minerals, and this list reflects those efforts and the efforts of the Treasury Department to maintain consumer access to electric vehicles made in North America in the short term.
So if you wanted to get one of the electric vehicles that will be affected by the tax credit changes, you have a few hours to guarantee delivery of your new electric vehicle before you lose your credit.
Who needs electric cars without self-driving, anyway? The news comes weeks after Waymo announced it was bringing its fifth-generation Jaguar I-PACE self-driving cars to Austin, Texas.