The tax credits may slow down EV sales in the short term.
The tax credits are actually a confusing morass of eligibility requirements and sourcing provisions
I got bad news, pal. Those EVs you just mentioned are made in South Korea and are no longer available for any tax credits.Damn. Okay, I guess I’ll get a Tesla, but what does “manufacturer sales cap met” mean? I thought so! Then I would recommend waiting until January 2023 when a lot more slightly more affordable EVs, like the Chevy Bolt EUV and Tesla Model 3, will be newly available for the credit. Okay, now’s a good time to talk about the other major provision in the climate bill that is giving automakers headaches.
According to the alliance, there are currently 72 EV models available for purchase in the US, including battery, plug-in hybrid, and fuel cell electric vehicles. Of those models, 70 percent are ineligible for the tax credit when the bill passes. And by 2029, when the additional sourcing requirements go into effect, none would qualify for the full credit.
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