US EV Tax Credit Rules Officially Change April 18, 2023 via insideevs.com
The US Treasury Department has finally come forward with its official battery production and battery materials sourcing guidelines related to the newly revamped US federal tax credit. Sadly, as expected, few vehicles are going to qualify for the full $7,500 tax credit. Nonetheless, Treasury Secretary Janet Yellen shared:
“Today, Treasury is taking an important step that will help consumers save up to $7,500 on a new clean vehicle and hundreds of dollars per year on gas, while creating American manufacturing jobs and strengthening our energy and national security.”was first announced, it appeared there may not be any EVs on the market that would qualify. Many are made by foreign automakers, produced outside the US, and/or use battery packs and materials that aren't domestically sourced or produced.
The other $3,750 is available if, based on value, 50% of the EVs battery components are made in North America.The percentages put into place by the US Treasury will go up over time, such that more and more of the battery materials and components will need to be sourced and produced domestically. By 2027, the"critical materials" portion will be at 80%. Meanwhile, the"component manufacturing" portion goes up to 100% by 2029.
“I don’t know. It’s not a question that can be answered today. Automakers will report directly to the IRS which EV models meet the critical mineral and/or battery component requirements.” Bozzella went on to share that there are about 90 EVs on sale in the US currently. After April 18, some of those EVs will qualify for at least a partial credit, but that's the only sure thing. What's more, the rules will continue to evolve, so a lot is still unknown at this time.
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