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On the one hand, the (up to) $7,500 tax credit is now available right away at the point of sale, eliminating the wait time and allowing drivers to apply their savings directly to the purchase of their vehicle at the dealership—which is great for consumers. In fact, it’s what EV Life has been doing for our customers for years.
As of 2024, in addition to North American assembly, 60% of battery parts will need to be North American–sourced in order to qualify for half of the credit amount ($3,750). In 2025, the tax credit rules will be extended to mining, processing, and recycling of critical minerals. And as expected, it’s very short. Starting Jan.
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