People who want to buy an electric vehicle could get a bigger-than-expected tax credit come Jan. 1 because of a delay by the Treasury Department in drawing up rules for the tax breaks.
“I imagine there will be a rush,” on EV dealers to get the extra savings, said Sam Abuelsamid, principal e-mobility analyst with Guidehouse Research.
Other requirements, like new caps on a buyer’s income and price of the EV, will still take effect Jan. 1. With a base price of $26,595 including shipping, General Motors’ Chevrolet Bolt hatchback is among the lowest-cost EVs on sale in the U.S. today. A $7,500 tax credit would knock the price down to just over $19,000 — less than the average price of a used vehicle in the U.S. That could bring buyers off the sidelines.GM says it’s watching developments with the tax credit rules.
It’s part of a U.S. effort to reduce reliance on batteries now predominantly made in China and move supply chains to the U.S. Fifty percent of the battery parts have to come from the U.S. or a country with which it has a free trade agreement. Those percentages rise annually.More broadly, U.S. allies including South Korea, the European Union and other countries are also upset that the new law will disqualify their foreign-made EVs unless or until they can open new U.S.
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