While electric-vehicle prices have come down in the past year, affordability is still an issue for US buyers. According to Cox Automotive, new EVs sold for an average of $56,328 in September, making it harder for potential buyers to commit to an electric car.
New requirements for a $7,500 federal tax credit under the Inflation Reduction Act went into effect at the start of this year. The revised rules limited the number of EVs qualifying for the credit, but more vehicles are expected to qualify as automakers adjust.
The federal EV tax credit is split into two tiers: $3,750 for vehicles meeting either critical-minerals or battery-component requirements and the full $7,500 for those meeting both.
To qualify for the federal EV tax credit, a vehicle must have a battery capacity of at least 7 kilowatt-hours, a gross vehicle weight rating under 14,000 pounds, and final assembly in North America.
Collection
[
|
...
]