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EV tax credits: Here's every electric car or plug-in hybrid that qualifies

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Jeremy Korzeniewski
·3 min read
EV tax credits: Here's every electric car or plug-in hybrid that qualifies



Starting on April 18, the Internal Revenue Service released new guidance for U.S. buyers shopping for a new electric or plug-in hybrid vehicle. Right now, only six 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). In addition to those six fully electric cars, two plug-in hybrids also qualify for the full $7,500 credit.

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. If any battery materials come from certain countries (importantly including China), the vehicle's tax credit is automatically cut in half. 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).

Electric vehicles that qualify for the full $7,500 EV tax credit:

Plug-in hybrid cars that qualify for the full $7,500 EV tax credit:

A smaller credit is offered on fully electric cars and plug-in hybrids that are assembled in North America but have batteries with materials sourced from unqualified countries (mostly China).

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