The Treasury Department has revealed which cars will be eligible for the new electric vehicle tax credits of up to $7,500.
Under the new rule, consumers can get up to $7,500 back in tax credits on eligible cars. Sixteen new models and some of their variations are eligible for all or half of the new credit, while nine models — mostly foreign-made vehicles — are no longer eligible, for now. Most of the eligible cars so far are made by the “big three” EV automakers in the US — Ford\n \n , General Motors and Stellantis — plus Tesla\n \n . Here’s what you need to know.
The rules were written in a way help move the supply chain for the critical minerals needed for things like EV batteries, solar panels and smaller rechargeable batteries away from China. There are two major requirements that auto makers need to meet if they want their EVs to be eligible for the $7,500 tax credit: a critical mineral requirement and a battery component requirement, which are each worth $3,750.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
NYC childcare company racked up hundreds of violations before fraud arrestA taxpayer-funded childcare company racked up nearly 500 violations over the last three years.
Read more »
She spent 500 days alone in an underground cave — and didn’t want to leaveSpanish athlete Beatriz Flamini's solo challenge was studied by scientists. Her 500 days in an underground cave meant she had no idea what was happening in the world.
Read more »
Archaeologists discover 500-year-old ceremonial bath in PeruThe Inca Empire, which once stretched from southern Ecuador to the middle of Chile, is thought to have existed 500 years ago.
Read more »
2 killed in University Park crash, police sayThe University Park Police Department and the Will County Sheriff's Department are investigating.
Read more »
Treasury yields higher as market cements 25 basis point hike by Fed in MayExpectations Fed will raise interest rates in a few weeks time hardened after a report showed consumers see inflation at a higher level than recently thought.
Read more »