Here are the EV models eligible for new tax credits up to $7,500

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Here are the EV models eligible for new tax credits up to $7,500
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Fewer models are eligible for the new subsidy than in previous years, but some of the most well-known EVs still qualify.

2022-2023 Tesla Model Y AWDWhat EVs don’t qualify for the new tax credit?

Similarly, leased vehicles can also qualify for a $7,500 tax credit without some of the strict rules about the car’s batteries and final assembly, meaning consumers who want more choice on which model to drive could settle on leasing instead of buying outright.The list of eligible new and used EVs will be updated atUnder the new rule, consumers can get up to $7,500 in tax credits on eligible cars.

The critical mineral requirement mandates a certain percentage of the value of the critical minerals that power EV batteries — like lithium, nickel, graphite and copper — must be extracted or processed in the United States, or a country that it has a free-trade agreement with. The minerals could have also been recycled in North America. The battery component requirement mandates that a certain percentage of the value of the battery components must be manufactured or assembled in North America.

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