The U.S. Treasury said Monday that Volkswagen, BMW, Nissan, Rivian, Hyundai and Volvo electric vehicles will lose access to a $7,500 tax credit under new battery sourcing rules.
electric and PHEV models would see tax credits halved to $3,750 on April 18. Treasury confirmed the automakers' calculations.and mandated by Congress in August as part of the $430 billion Inflation Reduction Act .
The IRA requires 50% of the value of battery components be produced or assembled in North America to qualify for $3,750, and 40% of the value of critical minerals sourced from the United States or a free trade partner for a $3,750 credit. The law required vehicles to be assembled in North America to qualify for any tax credits, which in August eliminated nearly 70% of eligible models and on Jan. 1 new price caps and limits on buyers income took effect.proposed new emissions rules that forecast 60% of new vehicle sales in 2030 would be EVs.
A preliminary administration analysis found nearly 65% of first quarter EV sales qualified under North American final assembly and price cap requirements; more than 90% of those previously eligible first quarter sales remain eligible for at least a $3,750 credit. Treasury in December said EVs ineligible for the $7,500 consumer tax credit could qualify for a commercial leasing $7,500 credit.
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