Fewer cars now qualify for EV tax credit

If you’re in the market for an Electric Vehicle, you should be aware of new rules regarding their tax credit.

Fewer EV models now qualify for a tax credit under new rules that went into affect on January 1, and impact battery components imported from certain countries.

China, for example, provides some of the most crucial parts of EV batteries, which means only 13 of the more than 50 vehicles that use them are still eligible for the credits in 2024. That list includes certain Tesla models, the Chevy Blazer SUV, the Cadillac Lyriq, the Mustang Mach-E, and the Nissan leaf.

Potential buyers can check eligibility at https://fueleconomy.gov/feg/tax2023.shtml.