The Biden Administration's Inflation Reduction Act added a huge number of American-made electric vehicles eligible for a $7500 tax credit, including models for which the credit previously expired. But, the IRA giveth, and the IRA taketh away. The tax credit used to apply to EVs—including plug-in hybrids—made in the U.S. costing under $55,000 for cars and $80,000 for SUV. Starting tomorrow, an EV must also have a certain percentage of U.S.
The idea here is both to promote American manufacturing and reduce our reliance on other countries, mostly China, for battery materials. Right now,, the IRA stipulates 50 percent of the value in battery materials must be made in North America, while 40 percent of the mineral components must come from the U.S. or a free-trade partner. Meet one or the other, and the vehicle qualifies for $3750; meet both, and you get the full $7500.
These new rules are sure to cause confusion and anguish among potential EV customers and many automakers. There are more changes coming too. While currently the EV tax credit goes to the buyer, next year, it transfers to car dealers, which can then take the qualifying amount off the selling price of a car.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Car Car Latest News, Car Car Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
4 dead, 1 driver arrested after 2 cars collide on Schuylkill ExpresswayAn early morning crash ended with the death of four people and one man arrested Saturday.
Source: FOX29philly - 🏆 570. / 51 Read more »
The 10 fastest-depreciating cars 2023Depreciation figures tell us how quickly cars lose their value as they get older 📉 Here are the 10 models that lose the biggest proportion of their price new over three years 👇
Source: whatcar - 🏆 554. / 51 Read more »
How little engines are taking over American cars in a big way | CNN BusinessAs big V8-powered cars like the Dodge Charger and Challenger approach the end of their lives as production cars, an altogether different sort of gasoline engine has become increasingly common on American roads: the three-cylinder. No, I don’t think so. CNN should be labeled as 'state affiliated media' Score a Free Sample of Comvita Raw Manuka Honey with Social Nature: Apply Now BLACKPINKatCoachella Wiggins Warriors Kings Steph PINKCHELLA バウアー UFCKansasCity あなたの正体を三文字で LisachellaIsHere freestuff freebies free
Source: CNN - 🏆 4. / 95 Read more »
Freight train engines, cars derail and catch fire in MaineOfficials say several cars on a freight train have derailed and caught fire in rural Maine
Source: WOKVNews - 🏆 247. / 63 Read more »
Freight train engines, cars derail and catch fire in MaineA train carrying hazardous materials has derailed and caught fire in Rockwood, Maine, fire officials said.
Source: wsfa12news - 🏆 338. / 59 Read more »
The wild traffic hack that could pave the way for self-driving cars - AutoblogAutonomous vehicles are stupid — so an engineer has figured out a way to make streets smarter. I’ve never once, in 40+ years of driving, thought “I wish this car could drive itself”.
Source: therealautoblog - 🏆 528. / 51 Read more »