Electric vehicles that qualify for the full $7,500 EV tax credit: Further, according to the IRS, the vehicle's manufacturer suggested retail price (MSRP) can't exceed $80,000 for vans, sport utility vehicles and pickup trucks or $55,000 for any other type of vehicle (basically meaning sedans). If any battery materials come from certain countries (importantly including China), the vehicle's tax credit is automatically cut in half.
To qualify, a vehicle must be assembled in North America and must meet a strict set of guidelines that cover where battery materials were sourced. In addition to those seven fully electric cars, two plug-in hybrids also qualify for the full $7,500 credit.
That means right now, seven fully electric vehicles qualify for the full $7,500 EV tax credit, with three more from Chevrolet coming for the 2024 model year (we would expect these 2024 models to roll out slowly and be difficult to find for at least the first few months they are on the market). On April 18th, the IRS showed only six fully electric vehicles on the qualified list, but a day later Volkswagen confirmed its U.S.-built ID.4 also qualifies. buyers shopping for a new electric or plug-in hybrid vehicle.
Starting on April 18, the Internal Revenue Service released new guidance for U.S.
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