The Treasury Department has revealed which cars will be eligible for the new electric vehicle tax credits of up to $7,500.
Under the new rule, consumers can get up to $7,500 back in tax credits on eligible cars. Sixteen new models and some of their variations are eligible for all or half of the new credit, while nine models — mostly foreign-made vehicles — are no longer eligible, for now. Most of the eligible cars so far are made by the “big three” EV automakers in the US — Ford\n \n , General Motors and Stellantis — plus Tesla\n \n . Here’s what you need to know.
The rules were written in a way help move the supply chain for the critical minerals needed for things like EV batteries, solar panels and smaller rechargeable batteries away from China. There are two major requirements that auto makers need to meet if they want their EVs to be eligible for the $7,500 tax credit: a critical mineral requirement and a battery component requirement, which are each worth $3,750.
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