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EV tax credits

EV Sales Could Slow as Tesla, Nissan, GM Lose U.S. Tax Credits on Some Models

EV Sales Could Slow as Tesla, Nissan, GM Lose U.S. Tax Credits on Some Models

The New Year brings bad news for potential EV buyers as only a handful of models now qualify for federal tax credits of up to $7,500. That’s because of new requirements covering the sourcing of batteries and raw materials like lithium and cobalt. Among the brands impacted are Tesla, Nissan, General Motors and Ford. And analysts worry this could further slow growth of EV sales.

You Now Can Apply Federal EV Tax Credits as Downpayment

You Now Can Apply Federal EV Tax Credits as Downpayment

One of the benefits of buying an EV is the potential to earn state and federal incentives — including up to $7,500 in tax credits from the IRS. On the down side, the Inflation Reduction Act reduced the number of models qualifying for the federal giveback — but new guidelines mean that, if your EV does qualify, you now get your rebate instantly, rather than waiting until you file your annual taxes.