The U.S. government on Monday announced the list of electric vehicles eligible for a $7,500 (currently about RMB 51,600) tax credit, according to foreign media reports.
Under new U.S. federal rules that will take effect Tuesday, only 10 pure electric vehicles or plug-in hybrid electric vehicles (PHEVs) will be eligible for the full $7,500 credit, including eight all-electric vehicles and two plug-in hybrid electric vehicles.
The 10 vehicles are as follows:
- Tesla Model 3
- Tesla Model Y
- Ford F-150 Lightning pickup truck
- Stellantis’ Chrysler Pacifica PHEV
- Ford’s luxury car brand Lincoln Aviator Grand Touring PHEV
- GM’s Chevrolet Bolt
- Chevrolet Bolt EUV
- Cadillac Lyriq
- Chevrolet Silverado Electric Pickup
- Chevrolet Equinox electric SUV
This year, only four automakers – GM, Ford, Tesla, and Stellantis, which owns Jeep and Chrysler – are eligible for a $7,500 tax credit under new U.S. federal rules.
Meanwhile, seven other vehicles are eligible for a $3,750 (currently about RMB 25,800) tax credit, namely
- Ford Escape PHEV
- Ford E-Transit
- Ford Mustang Mach-E
- Jeep Wrangler 4xe
- Jeep Grand Cherokee 4xe
- Lincoln Corsair Grand Touring PHEV
- Tesla Model 3 Standard Range Edition
The new tax credit is a consumer-oriented incentive that will run through 2032 and is designed to stimulate electric vehicle sales and reduce greenhouse gas emissions.
Under the new tax credit, only vehicles assembled in North America are eligible for the tax credit, but new documents from the U.S. Treasury Department make some vehicles assembled outside of North America eligible for the tax credit, provided they are purchased for lease rather than resale, and then eligible for the incentive through a separate commercial electric vehicle program.
The new list means that vehicles from Volkswagen, Hyundai, Kia, Nissan, BMW, Volvo and Rivian are no longer eligible for the tax credit.