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Thirteen EV models are now eligible for the U.S. electric vehicle tax rebate. Yahoo Finance senior reporter Pras Subramanian reports on which EV models qualify for tax credits (up to $7,500 in full) and details the new rules regarding eligibility.
For more expert insights and the latest market trends, click here to watch the full episode of Yahoo Finance Live.
video transcript
Josh Lipton: I have one question before I leave, Plus. Next year, new rules regarding the EV tax credit will be introduced, limiting buyers’ options. Can you tell me about that?
Pras Subramanian: That’s right, new battery parts requirements for federal tax credits are now mandating where these parts come from, and now only plug-in hybrids are eligible for partial or full tax credits. and only about 13 EVs. Among the plug-ins is a good old Chrysler Pacifica minivan. Full credit goes to the plugin for this. You can also see cars like the Lincoln Corsair. And the plug-in Jeep Wrangler, the Jeep Grand Cherokee, along with some Teslas like the Model 3 Performance, Model Y, and Model X long-range models, are also EVs, pure EVs. And then there’s the Bolt EV, the F-150 Lightning, and the Rivians you mentioned, that’s it for EVs.
Julie Hyman: So what’s not?
Pras Subramanian: You’ll lose the Nissan Leaf, the Volkswagen ID.4, the cheapest version of the Model 3, and the actually quite expensive-selling Ford Mustang Mach-E (one of the country’s top EV sellers). So those are some big things that are being lost. These manufacturers say they want to rethink how they make their batteries and, if possible, return them to the federal tax credit system. So let’s see what happens later. We currently have 13 vehicles.
Josh Lipton: oh. Well, it’s a big trend to keep an eye on. Thank you, Plus. appreciate.
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