Tesla Cybertruck, Hyundai & Kia EVs Now Qualify for US EV Tax Credit — But For How Long?

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Information has damaged within the final couple of days that the Tesla Cybertruck is now eligible for the $7,500 US EV tax credit.

A really large BREAKING NEWS to now share! The Cybertruck now qualifies for the $7500 IRA credit score as of immediately, January 1st 2025!https://t.co/qW09N2Qxwy pic.twitter.com/LQFpnuFFn2

— Greggertruck (@greggertruck) January 1, 2025

Moreover, electrical autos from Hyundai, Kia, and Genesis now qualify for the total tax credit score. That may be the Hyundai IONIQ 5, Hyundai IONIQ 9, Kia EV6, Kia EV6, and Genesis GV70 EV. That is along with EVs from Acura, Cadillac, Chevrolet, Ford, Honda, and Tesla. The Nissan LEAF, Rivian R1S, Rivian R1T, and Volkswagen ID.4, although, have been faraway from the record of autos eligible for the tax credit score.

Importantly, shoppers can profit from the tax credit score for these autos in addition to different EVs by leasing them. There’s a loophole there that has allowed the federal subsidy to be utilized to any EV being leased.

Sadly, incoming president Donald Trump and co-president Elon Musk have mentioned repeatedly that they’d fortunately take away the EV tax credit score altogether. It’s broadly assumed this might be one of many first actions Trump takes when he takes workplace later this month. So, it’s possible you’ll simply have a number of weeks to benefit from these tax credit. Store properly.

It ought to be famous that authorities subsidies for electrical autos is common throughout a big portion of the American public, as they’ve been for a number of years. “Public investments are also seen as critical by a majority of respondents with 67% saying that the government should provide purchase incentives for EVs, and 50% said they would not purchase an EV without the federal $7,500 tax credit,” Veloz writes.

“Just like gas and telecommunications companies continue to enjoy federal subsidies, new technology is boosted by government investment. It’s clear that Americans think that EV incentives should be provided by government to support access to clean transportation. The industry will miss out on at least 50% of potential EV purchases if we get rid of the federal EV tax credit,” Josh D. Boone, Veloz Govt Director, mentioned.

Regardless of widespread help for EV subsidies, it does appear doubtless Trump and group will kill them. Don’t ask me how Elon Musk thinks that is wonderful and funky. I do know what his arguments are, however they aren’t excellent or adequately logical.

Screenshot at prime courtesy of Fast.