For The Verge: The EV tax credit rules are being delayed until March 2023 — here’s what that means for you
The Treasury Department said it would release its guidance on the EV tax credit in March. That means some EVs, like the Chevy Bolt and Tesla Model 3, are about to become a much better deal.
Besides its more obvious stated goal of reducing inflation, the Biden administration’s Inflation Reduction Act (IRA) was designed to force profound changes in the electric vehicle market. The legislation revises EV tax credit rules as it seeks to build up domestic battery manufacturing so that the US doesn’t cede the supply chain to China.
It’s also profoundly confusing, hinging new EV tax credits not just on where the cars are built but also where batteries are assembled and where battery materials are sourced from. These rules were all supposed to take effect on January 1st, 2023 — that’s next weekend for anyone keeping track.
