Istanbul, Turkey - May 25 2021 : Volvo S60 is a car produced by Volvo from 2000 to the present day.
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These Electric Cars Qualify For The EV Tax Credits
A new Inflation Reduction Act has been signed into law, and in response, the Department of Energy has released a list of EVs that qualify for the new $7500 electric vehicle tax credit in 2022, as well as a few vehicles that will qualify next year. Regrettably, the list for 2022 isn’t very long, containing only 18 vehicles qualifying for the credit.
Included on the list of new 2022 vehicles that qualify for the EV tax credit are: Audi Q5, BMW 3-Series Plug-in, BMW X5 EV, Chrysler Pacifica PHEV, Ford's F-150 Lightning, Mustang Mach-E, Ford Transit Van, Jeep Grand Cherokee PHEV, Wrangler 4xe PHEV, Lincoln Aviator PHEV, Corsair Plug-in, Lucid Air, Nissan Leaf, Rivian R1S, R1T, EDV, and Volvo S60.
Tesla, General Motors, and Chevrolet are conspicuously absent from that list because they have already met the sales cap of 200,000 set by the Department of Energy for 2022, but several of their vehicles will be eligible for the $7,500 credit in 2023. If you want a good deal on a Tesla or Chevy Bolt, just wait until next year before pulling the trigger.
The Department of Energy notes the tax credit only applies to vehicles with final assembly in North America. If you aren’t sure where your vehicle was manufactured, a VIN decoder is provided on the National Highway Traffic Safety Administration’s website to see if your EV qualifies, as many vehicles have multiple assembly locations.