Americans can buy 91 models of electric cars and trucks — but as of tomorrow, only 14 of them will qualify for federal tax breaks intended to persuade motorists to forsake their gas-guzzlers.
Just two EVs now on the market will be available for less than $25,000 after the tax credit is deducted — the Bolt, whose cost could fall to $19,000 thanks to the tax break, and a utility vehicle version of the Bolt. | Hussein Malla/AP PhotoAmericans can purchase 91 models of electric cars and trucks — but as of Tuesday, only 14 of them will qualify for federal tax breaks intended to persuade motorists to forsake their gas-guzzlers.
In the long run, the limits are intended to foster the creation of jobs and a vast new clean-energy industry inside the United States, as Congress was seeking when it enacted Democrats’ climate law last year.
The limits may ease in coming years as foreign automakers such as Hyundai and Nissan build factories in the U.S. to meet the Treasury Department’s new requirements. New, compliant models will come online in the coming months and years, and companies are racing to build battery and EV facilities in the United States to comply with the rules. The U.S. and the European Union are also holding trade talks in hopes of allowing minerals from EU countries to count toward the sourcing rules.
Three more Chevrolet models from General Motors will qualify as well after they come onto the market later this year — electric models of the Blazer, Silverado and the Equinox. They are all expected to be eligible for the full, $7,500 tax credit, Treasury said.
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