Some vehicle brands might be missing because they have yet to submit a list of possible models to the IRS.To qualify, new electric sedans cannot have a sticker price above $55,000. Pickup trucks, SUVs and vans can’t be over $80,000. This will disqualify two higher-priced Tesla models. Though Tesla's top sellers, the models 3 and Y, will be eligible, with options, those vehicles might exceed the price limits.
And automakers may have trouble certifying the sources of battery minerals and parts, a requirement for buyers to receive the full credit. Automakers have been scrambling to move more EV supply chains to the U.S.Consumers can receive tax credits of up to $4,000 — or 30% of the vehicle price, whichever is less — for buying EVs that are at least two years old. But the used EV must cost less than $25,000 — a tall order given the starting prices for most EVs on the market. A search on Autotrader.
Sales of EVs have been climbing, particularly as California and other states have moved to phase out gas-powered cars. The rise of lower-cost competitors to Tesla, such as the Chevy Equinox, with an expected base price of around $30,000, are expected to broaden the EVs' reach to middle-class households. S&P Global Mobility expects EVs' share of auto sales to reach 8% next year, 15% by 2025 and 37% by 2030.It appears that may happen. Some U.S.
That move drew the anger of Manchin, a key vote in passing the Inflation Reduction Act, who on Thursday accused the Biden administration of bending to the desires of foreign countries. He said the exemptions undermine the law's intent to “bring our energy and manufacturing supply chains onshore to protect our national security, reduce our dependence on foreign adversaries and create jobs right here in the United States.
Source: News Formal (newsformal.com)
I don’t know why there isn’t a story or more uproar over the fact that there is loophole that allows this to be a credit for leases but it’s up to the auto company’s to pass on that saving and only two automakers are the others are pocketing this credit be it made in USA or not
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Throw Them All Out: RFK Jr., Green Energy Boondoggles, & Socialism for the Rich
Why are the poor subsidizing the rich for an EV?
Read the fine print. You need to verify where the parts were manufactured to be eligible for the full exemption. And Ford and GM's are built in Mexico and Canada and don't qualify.
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