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Biden is expected to sign the IRA on Monday. Only EVs and PHEVs made in North America will qualify for the $7500 federal tax credit. Previous 2022 models that qualified under 200k limit will no longer qualify. If you already bought a EV6, ID4, Ioniq5, Rav4 Prime, or XC40 Recharge etc this year then you'll get the tax credit. But if you buy those after Monday, you don't.
I think this new bill is so stupid. Why exclude imports? Cars made overseas are superior than American made. Toyota, Honda, VW (2022), Porsche, Audi, BMW, Hyundai, Kia, Volvo, etc will no longer be eligible for the credit. This will just give Tesla and GM more money. And why mess with the 2022 eligibility? Leave 2022 alone and make it active in 2023.
Give everyone a check, or no one at all.
If you want an EV, buy now – Rivian, Fisker and others rush to lock in EV tax credits before changes
Electric cars assembled outside of North America may lose access to EV tax credits within a week, and buyers need to act fast to save money.
electrek.co
I think this new bill is so stupid. Why exclude imports? Cars made overseas are superior than American made. Toyota, Honda, VW (2022), Porsche, Audi, BMW, Hyundai, Kia, Volvo, etc will no longer be eligible for the credit. This will just give Tesla and GM more money. And why mess with the 2022 eligibility? Leave 2022 alone and make it active in 2023.
Give everyone a check, or no one at all.
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