Many electric vehicles to lose big tax credit with new rules.
later this year, and many will get only half that, under rules proposed Friday by the U.S. Treasury Department., are likely to slow consumer acceptance of electric vehicles and could delay President Joe Biden’s ambitious goal that half of new passenger vehicles sold in the U.S. run on electricity by 2030. will be eligible for tax credits in the short term because of the rules, which set standards for where EV battery parts and minerals come from.
A Treasury official wouldn’t give an estimate of how many EVs would be eligible under the new rules. The department plans to publish a list on April 18, the official said.The big issue is new rules limiting the percentage of battery parts and minerals that come from countries that don’t have free trade or mineral agreements with the U.S.
“Now come the strictest and most convoluted rules yet — the mineral and battery sourcing requirements,” said John Bozzella, CEO of the Alliance for Automotive Innovation, an industry trade group. He guessed that only a few of the 91 EV models now for sale in the U.S. will get the full credit, although some will qualify for half.
General Motors, for instance, says its EVs will only be eligible for $3,750 once the rules are effective. The company is building a U.S. supply chain, and its vehicles should get the full credit by mid-decade, its chief financial officer has said.
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