Changes to US Federal Tax Credit Impact EV Automakers.
Beginning April 18, EVs from major automakers like Volkswagen, Rivian, BMW, and more will no longer qualify for any tax credits at the federal level, while Tesla’s base Model 3 is cut in half. The US Treasury Department has outlined what parameters automakers must comply with in terms of battery component assembly and respective materials in order for their EVs to qualify for federal tax credits. Each of the two newly enforced qualifying factors account for $3,750 in EV tax credits, combining for the total $7,500.