Electric Vehicles 2024 Tax Changes Are Not Enough For Global Leadership

Considering an electric vehicle in 2024? Be aware of policy changes that could negatively affect your purchase. Starting in January, new rules will allow car dealers to give EV buyers their tax credit upfront. However, many EV models, batteries and components from China will no longer be eligible as the Sino-American competition goes green.

The 2022 Inflation Reduction Act, which includes the Clean Vehicle Tax Credit, offers up to $7,500 to new EV buyers. As part of the U.S. strategy to reduce greenhouse gas emissions and bring industries back to the country, this initiative has boosted EV sales, benefiting manufacturers like Tesla and General Motors GM +1.2%. Since 2021, EV sales have tripled, with over 3 million vehicles currently on the roads.

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