Automoblog Explains the New EV Tax Credit and What It Means for the EV Market
RALEIGH, N.C., Aug. 25, 2022 /PRNewswire/ -- Consumer auto resource Automoblog recently published an article detailing the changes to electric vehicle (EV) tax credits in the federal government's new Inflation Reduction Act legislation. The guide portion of the article, which includes a helpful infographic, can help people understand the new tax credit system and how they can use it. Some of the most significant changes mentioned in the article are:
Removes the 200,000-vehicle cap for manufacturers
Introduces a $4,000 tax credit for purchasing used EVs
Offers tax credits at the point of sale rather than as a tax deduction
Removes eligibility for cars with Chinese-made battery components in 2025
Requires that final assembly be in North America for vehicles to qualify for the credit
Introduces price limits for the tax credit, set at $55,000 for cars and $80,000 for trucks, vans, and SUVs
Automoblog also takes a look at the potential effects these changes could have on the EV market, whose growth has taken off in recent years. The article suggests that while some of the changes to the tax credit make it easier for consumers to purchase a new or used EV, additional requirements on sourcing and assembly may be hard for manufacturers to meet at first.
Automoblog is an online automotive resource that helps people make informed decisions about cars and car ownership. To learn more about the publication, click here.
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