Time to go shopping for a Chevy Bolt.
, hinging new EV tax credits not just on where the cars are built but also where batteries are assembled and where battery materials are sourced from. These rules were all supposed to take effect on January 1st, 2023 — that’s next weekend for anyone keeping track.
Now, however, it’s going to take a little longer for all of the new provisions to be in place. On Monday, the Department of the Treasury announced that decisions around some aspects of the EV tax credits will be delayed until March. By delaying rules around where battery minerals are sourced but allowing other rules to go into effect on January 1st, the Treasury Department has created an interesting situation for several North American-built EVs.
Under the IRA’s new rules, the full $7,500 EV tax credit that was due to take effect on January 1st is only available to cars assembled in North America. ButOne half is based on the EV battery having at least 40 percent of its critical minerals sourced in the US or one of its free trade partners; the other half is based on the EV battery having at least 50 percent of its components manufactured or assembled in North America. Those percentages are meant to scale up in the coming years as well.
The big winners are North American-built EV sedans and smaller cars that start under $55,000 and SUVs and trucks that start under $80,000.this is a big victory for Tesla and General Motors, specifically. Both had lost their EV tax credits entirely under the old rules because they had reached the 200,000-car sales threshold. Now GM and Tesla are back in the game, but not yet beholden to the difficult battery sourcing requirements.
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