Is Your New EV Still Eligible for the $7,500 Federal Tax Credit? 🚗 Key Changes You Need to Know

The number of electric vehicles eligible for the full $7,500 US federal tax credit fell to 13 from about two dozen due to new rules taking effect in 2024. The new rules exclude vehicles that use battery components from Chinese manufacturers, and the Inflation Reduction Act phases out the credit for EVs once a manufacturer hits 200,000 sales. Models still eligible for the full credit include the Tesla Model Y, Rivian R1T, Jeep Wrangler 4xe, and Ford F-150 Lightning.