More Tesla, GM, Ford EVs Qualify For Tax Credit

[Vernon]

The United States Treasury Department revised its vehicle classification definitions on Friday, February 3, 2023. The move will see more electric vehicles from Tesla, General Motors, Ford Motor, and Volkswagen qualify for up to $7,500 of the federal tax credit. The reclassification is a win for EV makers that have pushed for the Biden administration … (read full article...)

 

[Amperix]

If you are reclassifying your vehicle as a hybrid or electric vehicle, you may be eligible for certain tax credits. For example, the federal government offers a tax credit of up to $7,500 for the purchase of a new electric vehicle, and some states offer additional tax incentives for electric and hybrid vehicles. This will definitely boom EV sales and such moves should be adopted by governments of other countries too.

 

[Voltaiz]

It's good news for both the automakers and the customers that the US Treasury has made more EVs eligible for the new tax credits. The revised definition will apply retroactively to EV purchases since January 1, 2023. The decision is a win for these automakers which had pressed the US administration to change the vehicle definitions.