The updated list of EVs eligible for up to $7,500 in tax credits is out here's which models qualify under the stricter rules
- More details about $7,500 tax credits for electric cars came out on Monday.
- Tax credits are crucial to encourage more EV adoption given the cars, on average, are expensive.
If you're in the market for an electric car and were banking on tax credits to drop the price by $7,500, you now have fewer options to choose from.
The US Treasury Department on Monday released a list of electric and plug-in hybrid vehicles that qualify for the full amount of new EV tax credits available, or $,7500, which stem from the massive Inflation Reduction Act passed last August.
Monday's news also detailed which electrified vehicles qualify for half credit, or $3,750.
Whether a plug-in vehicle qualifies for credits is determined by the vehicle's eligibility based on criteria like sticker price, as well as whether it was assembled in the US. The two halves of the credit are related to the origin of its battery and critical minerals components. The industry was especially waiting for details on that, given how complex the EV battery supply chain is — and how much automakers are leaning on China for those materials.
The tax credits are meant to incentivize the auto industry to move their supply chains and invest in electric vehicle development in the US.
Only 10 electric vehicles can get the full credit amount starting April 18, while six others qualify for partial credits. Here's the full list:
Cadillac Lyriq
Credit amount: $7,500
Chevrolet Blazer EV
Credit amount: $7,500
Chevrolet Bolt
Credit amount: $7,500
Chevrolet Bolt EUV
Credit amount: $7,500
Chevrolet Equinox EV
Credit amount: $7,500
Chevrolet Silverado EV
Credit amount: $7,500
Chrysler Pacifica plug-in hybrid EV
Credit amount: $7,500
Ford E-Transit
Credit amount: $3,750
Ford Escape plug-in hybrid EV
Credit amount: $3,750
Ford F-150 Lightning
Credit amount: $7,500 (for both the Extended Range battery and Standard Range battery)
Ford Mustang Mach-E
Credit amount: $3,750 (for both the Extended Range battery and Standard Range battery)
Jeep Grand Cherokee plug-in hybrid 4xe
Credit amount: $3,750
Jeep Wrangler plug-in hybrid 4xe
Credit amount: $3,750
Lincoln Aviator Grand Touring plug-in hybrid EV
Credit amount: $7,500
Lincoln Corsair Grand Touring plug-in hybrid EV
Credit amount: $3,750
Tesla Model 3
Credit amount: $7,500 for the Performance; $3,750 for the Standard Range Rear Wheel Drive
Tesla Model Y
Credit amount: $7,500 (for All-Wheel Drive, Long Range All-Wheel Drive, and Performance)
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