Multiple Automakers Lose U.S. EV Tax Credits

Volkswagen, BMW, Nissan, Rivian, Hyundai, and Volvo electric vehicles will lose access to a $7,500 tax credit under new battery sourcing rules aimed at weaning the United States off dependence on China for EV battery supply chains. The new requirements effective Tuesday will also cut by half credits for the Tesla Model 3 Standard Range Rear Wheel Drive to $3,750 but other Tesla models will retain the full $7,500 credit. The rules are part of President Joe Biden's effort to make 50% of U.S. new vehicle sales by 2030 EVs or PHEVs.