The tax credits are designed to bring prices down and attract more buyers. dependence on China and other countries for battery supply chains for electric vehicles.Įlectric vehicles now cost an average of more than $58,000, according to Kelley Blue Book, a price that’s beyond the reach of many U.S. The new rules take effect April 18 and are aimed at reducing U.S. The rules, required under last year’s Inflation Reduction Act, are likely to slow consumer acceptance of electric vehicles and could delay President Joe Biden’s ambitious goal that half of new passenger vehicles sold in the U.S.
WASHINGTON (AP) - Fewer new electric vehicles will qualify for a full $7,500 federal tax credit later this year, and many will get only half that, under rules proposed Friday by the U.S.
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