Sunday, December 22, 2024
In 2024, a variety of new electric vehicles are eligible for $7,500 EV tax incentives. The introduction of new tax credits on January 1, 2023, marked a pivotal moment for both new and pre-owned vehicles. This article shares the compelling advantage of the $4,000 tax credit available for qualifying used electric vehicles.
General Motors and Ford will lose electric vehicle tax credit from some of its production. Nonetheless, the GM expects to regain the credit as it is working towards changing sources for auto components. The Biden Administration rule regarding EV tax credit is a major reason for the temporary tax credit ineligibility on certain vehicles beginning Jan.1 2024.
Nissan has recently made a significant decision regarding the production of its next-generation LEAF electric vehicle (EV), opting to build it in the UK at its Sunderland factory. This bold move comes with the risk of potentially losing eligibility for the EV tax credit.
The Biden Administration is set to unveil criteria for disqualifying EVs from subsidy, possibly related to foreign material concerns. Reports suggest discussions about temporarily easing restrictions on EVs using Chinese battery components to aid automakers.
