Wednesday, 19 April, 2023

BMW, Rivian, Hyundai, and Volvo Lose Access to EV Tax Credit

The US Internal Revenue Service has removed BMW, Rivian, Hyundai, and Volvo from the list of automakers eligible for federal tax credits for electric vehicles. The decision was made because the companies have reached the limit of 200,000 eligible EV sales, which triggers a phase-out of the tax credit. The move is likely to impact sales of EVs from these manufacturers, which have become increasingly popular in recent years.