, and will give incentives to buyers of used electric cars for the first time. But the Inflation Reduction Act will also make huge swathes of other EVs more expensive.that GM and Tesla hit long ago, and which was about to affect other brands like Toyota and Ford. But to qualify for the new credits, EVs must now be made in North America, and that means tens of electric cars that were previously eligible, won’t be eligible going forward.
The new bill also brings in vehicle price caps of $55,000 for cars and $80,000 for vans, trucks and SUVs, meaning some Teslas, and everyfor financial assistance. And even EVs built in America and below the price cap will only be eligible for aid if 40 percent of their battery materials are sourced in the U.S. or from a U.S. trading partner, that percentage rising to 100 percent by 2029. There’s also an income tax cap of $150,000 to make sure help only goes to those who need it.
Understandably, numerous automakers negatively affected by the change are seriously concerned about the impact the new rules could have on their business at a time when electric cars are booming in popularity. The new regulations will also affect credits available for hybrid cars, but we’ve focused on BEVs to pull together a list of 34 fully electric cars available now, or in the next few months, that won’t be eligible for tax credits under the new system.
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