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Good News and Bad News: Changes to the Federal EV Tax Credit in 2024

EV Life

These additional requirements are meant to encourage the auto industry to rely less on foreign countries like China and more on domestic sources for these components, promoting local manufacturing and supply chain security. For example, starting in 2024, battery components cannot come from companies controlled by China.

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Which 2024 EVs qualify for the $7,500 EV tax credit?

Baua Electric

The other $3,750 leans on a stipulation that at least 50% of critical mineral content in batteries be North American–sourced (or from countries in which there’s a free-trade agreement in place). Starting Jan. 1, as detailed by the Department of Energy just a month ago on Dec. Starting Jan.