Just 10 electric vehicles sold in the U.S. will be eligible for the full $7,500 EV tax credit when new rules take effect on January 1, 2024.
As recently confirmed, new rules are being implemented to persuade manufacturers to build and source EV materials in the U.S. The most important change means that EVs with battery components made or assembled by a company based in a ‘foreign entity of concern’ (FEOC) will not be eligible for the credit. These FEOCs consist of China, North Korea, Russia, and Iran.
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