By Keith Laing | Bloomberg
Tesla Inc.’s Cybertruck qualifies for up to $7,500 in US tax credits for the first time this year, part of reshuffling under tougher rules that took effect on Jan. 1 that also newly disqualify other electric vehicles for federal subsidies.
The number of EVs and plug-in hybrids currently qualified for a credit is 18 models, down from 22 last year, according to the Department of Energy and Environmental Protection Agency. The credit reclassification, part of President Joe Biden’s signature Inflation Reduction Act, tightens domestic sourcing requirements for battery parts and the raw materials used to build them.
The cut in the number of qualified EVs comes as overall demand for battery-electric models has softened and as President-elect Donald Trump, who’s threatened to end the federal subsidy program, prepares to take office later this month.
