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The U.S. Treasury Department’s new battery procurement rules took effect, causing many electric vehicles to lose their eligibility for tax credits of up to $7,500, including the Nissan Leaf, Tesla Cybertruck all-wheel drive, some Tesla Model 3s and Chevrolet Blazer EVs. The purpose of the regulations is to reduce reliance on China’s electric vehicle supply chain.
The number of models eligible for the tax credit has been reduced from 43 to 19, with the Tesla Cybertruck expected to become eligible again later in 2024. The new rules allow car buyers to apply for tax credits of up to $7,500 from dealers at the point of sale.
Models such as the Volkswagen ID.4, Tesla Model 3 rear-wheel drive, and BMW X5 xDrive50e are no longer eligible. Automakers are adjusting their supply chains to ensure compliance with the new regulations.
(Source: inquirer Image source: freepik)
