Remove North Korea Remove Purchase Remove SUV
article thumbnail

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

EV Life

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.

article thumbnail

What happened to the Tesla Cybertruck & Model 3’s IRA tax credit eligibility? 

Teslarati

China, Russia, and North Korea are on the list of FEOC nations. The Cybertruck AWD is only slightly under the MSRP qualification with a purchase price of $79,990. The Cybertruck launched late last year in the US market. So, it will probably take some time before it is included on the IRA’s list.

article thumbnail

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

Baua Electric

1, any vehicles with key battery components sourced from a “foreign entity of concern”—China, Russia, Iran, or North Korea— will be disqualified in 2024 , as will corporate subsidies if a “parent entity” from one of those countries directly holds more of 50% of the automaker’s interest. Starting Jan.

article thumbnail

How New Eligibility Criteria for the Electric Vehicle Tax Credit Affects You

Blink Charging

Opting for an electric vehicle and leveraging the EV tax credit to help with your next electric vehicle purchase is a smart move. Vehicles must not exceed an MSRP of $80,000 for vans, sport utility vehicles (SUVs), and pickup trucks; or $55,000 for all other vehicles. This percentage will increase every year, beginning in 2024.