The IRS has released the full list of electric vehicles that will qualify for the full $7,500 federal tax credit once the new rules kick in on April 18th, and that list is very small.
As reported by The Verge, the IRS has released a list of EVs that will qualify for either the partial or full federal tax credit when its new rules go into effect on Tuesday, April 18th. According to the list from the agency, only six electric vehicles will qualify for the full $7,500 federal tax credit. A number of other vehicles will qualify for the $3,750 half credit.
According to the IRS, the Cadillac Lyriq, Chevy Bolt EV, Chevy Bolt EUV, Ford E-Transit, F-150 Lightning, and select configurations of the Tesla Model 3 and Model Y will be the only EVs that will qualify for the full tax credit. Other vehicles like Ford Mustang Mach-E and Tesla Model 3 Standard Range RWD will still qualify, but only for the $3,750 half credit.
Some other vehicles like the Nissan Leaf, BMW X5 xDrive45e, Genesis Electrified GV70, Rivian R1S, Rivian R1T, and Volkswagen ID.4 will lose the credit completely. Albert Gore, executive director of the Zero Emissions Transportation Association, said in a statement that, thankfully, the EVs retaining some version of the credit make up the vast majority of EV sales in the country.
“The great news here is that based on Q1 sales volumes, more than 90 percent of vehicles that were eligible for the credit before April 18th are still eligible, with the vast majority eligible for the full credit. Companies across the EV supply chain have been working hard to secure supply chains for batteries and critical minerals, and this list reflects those efforts and the efforts of the Treasury Department to maintain consumer access to North American-made EVs in the near term.”
So, if you’ve been wanting to grab one of the EVs that will be affected by the tax credit changes, you have a few hours left to secure delivery of your new EV before you lose your credit.
Who needs electric cars without self-driving, anyway? The news comes a couple of weeks after Waymo announced it is bringing its fifth-generation Jaguar I-PACE self-driving cars to Austin, Texas.