10 Cars Eligible for $7,500 Electric Vehicle Tax Credit in 2024

author: FutureCar Staff    

Starting in 2024, only 10 cars will qualify for the full $7,500 credit, according to the new rules. However, there are currently only nine cars that meet the criteria. The 2023 Chevrolet Bolt EV, which is currently the most affordable EV on the market, will not be available after the 2023 model year. Despite this, it is still included in the list because there might still be a few units left on showroom floors.

The eligible cars include the Cadillac Lyriq, the Chevrolet Equinox EV (which is not yet on sale), the Chevrolet Blazer EV, the Chevrolet Silverado EV, the Ford F-150 Lightning, the Tesla Model 3 Performance, the Tesla Model Y Performance, and the Tesla Model X. The only non-EV that qualifies is the Chrysler Pacifica PHEV.

General Motors dominates the list with four models, while Tesla comes in second with three. However, it’s worth noting that only the Performance versions of the Model 3 and Model Y will qualify for the credit. This raises concerns about affordability, as the cheapest qualifying vehicle, the Equinox EV, has a starting price of $48,995. Chevrolet had initially promised an affordable model priced at $30,000, but it has since been canceled. This contradicts the purpose of the $7,500 credit, which is meant to make EVs more accessible to the general public.

There is a possibility that another car may be added to the list, although its inclusion has not been confirmed at the time of writing. Volkswagen expressed optimism that the Chattanooga-assembled 2024 Model Year ID.4 might qualify for the full $7,500 tax credit under Section 30D. They stated that they are pleased with the draft guidance on FEOC and look forward to further discussions with the Treasury and Department of Energy as the guidance is finalized.