New restrictions favoring U.S. manufacturing mean that only certain EV makes qualify for the up to $7,500 tax credit. Others can earn partial credit.
The Biden administration, pushing for more U.S. manufacturing, has issued its updated list of all-electric and gas-electric hybrid vehicles that qualify for the full $7,500 tax credit, and those that can earn at least a partial sweetener for buyers.
The total is down from 25 electric and plug-in models previously eligible for a U.S. tax break, which were first introduced about 10 years ago. Not a single electric model from a foreign brand is eligible for the subsidy as revised. And EVs from startups, such as passenger- and commercial-truck maker Rivian Automotive Inc. RIVN and luxury brand Lucid Group Inc. LCID , also missed making the list. That’s largely because their vehicles are too expensive for the price contingencies that inform which autos qualify. Income levels of buyers are also a consideration.Nearly all of GM’s new EV models are eligible for the full $7,500 tax credit.
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