Tesla, GM — and their buyers — stand to benefit from EV tax credit rule delay
Ford, Jeep, Nissan, Rivian also get the full $7,500 credit through at least Q1 2023Big news out of the federal government could be a big boon for certain automakers. it would delay releasing proposed guidance regarding the sourcing of EV batteries that are part of the Inflation Reduction Act’s new $7,500 EV tax credit.
The IRA’s rules regarding the EV tax credit require that $3,750 of the credit is only eligible if 40% of the value of the critical minerals in the battery have been in the U.S., or a country with a U.S. free-trade agreement. The Treasury has delayed guidance for this requirement until March, instead of January 1, 2023.
The other $3,750 portion of the credit is contingent on having 50% of the battery components built in North America. The IRA EV tax credit also requires that EVs are assembled in North America, along with pricing and income requirements to meet in order to receive the credits.
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