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Automakers scramble to decode new US EV tax credits

Channel News Asia LogoChannel News Asia1 mo ago

Automakers scramble to decode new US EV tax credits - Channel News Asia

Quick Summary:

WASHINGTON : U.S.automakers and dealers are scrambling to figure out if they can still offer $7,500 tax credits to would-be buyers of electric vehicles (EVs), as Congress prepares for final votes today on a bill that includes a top-to-bottom overhaul of Washington's clean vehicle policies.

"We cannot guarantee that the IRS (Internal Revenue Service) will approve tax credit eligibility as we interpret the terms of the Inflation Reduction Act," Rivian cautioned in its letter.

New restrictions on battery sourcing and critical minerals, along with price caps and income caps, take effect on Jan.1, which will potentially make all current EVs ineligible for the full $7,500 credit.

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Article Details

Category: Economy

Topics: Credit Vehicles Automakers Vehicle Rules Rivian Current Electric Bill Credits Qualify

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-08-12, 22:47:45

News Timezone: GMT +8:00

News Source URL:

Language: English

Reading Time: 6 minutes read

Article Length: 972 words

Coverage Area: Singapore

Availability: Desktop Web, Mobile Web

News ID: 134195

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About Channel News Asia

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Main Topics: Economy

Official Website:

Update Frequency: 62 posts per day

Year Established: 1999

Headquarters: Singapore

News Last Updated: 30m ago

Coverage Areas: Singapore

Ownership: Independent Company

Publication Timezone: GMT +8:00

News Language: English

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Website Security: Secure (HTTPS)

Publisher ID: #27

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