New Rules for EV Tax Credit Make Most Vehicles Ineligible

That percentage ratchets up each year until it hits 100% in 2029.

That amount will increase until 2027, when it maxes out at 80%.

Chinese companies currently manufacture56% of the EV batteries in the market.

That puts the US at a competitive disadvantage and, according to the Biden administration, fuels geopolitical instability.

The new guidelines take effect on April 18, 2023, when the current tax season ends.

“With more jobs for Americans and fewer for our adversaries.

“Foreign carmakers have anticipated the move, he added, and are broadening their US operations.

“It’s already happening,” Moody told CNET.