Some new and used electric cars may be getting more affordable for consumers thanks to new tax credits, but details in the fine print are causing confusion about which new vehicles might qualify for immediate savings.
As part of a broad new legislative package—the Inflation Reduction Act—that addresses climate change, healthcare, and taxes, there is a new tax credit of up to $4,000 on used electric cars and revised tax credits of up to $7,500 on certain new EVs.
But due to numerous new rules about where new EVs must be built and their batteries sourced, automakers argue that too few vehicles qualify, and EV advocates are concerned that the requirements may make it difficult for consumers to find a vehicle that qualifies for the credits.
Who notes EV automakers will be scrambling to provide certification for the clean sourcing of components, and he predicts that the phrase “blood lithium” will soon replace blood diamonds…
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