Beginning this month, the American Department of Treasury will tighten requirements for customers to qualify for a substantial income tax break when they purchase new EVs, mandating that critical components, particularly materials for batteries, be primarily sourced from North America. The tax credit of not less than $7,500 offered to consumers who buy new electric vehicles was made possible by the Inflation Reduction Act, which was passed into law in 2022. However, due to the stricter new regulations on the source of battery materials and components set to be imposed on April 18, 2023, several electric vehicles are expected to miss out on this tax credit from the government.
The added adjustments have added some complexity to the auto industry. Given that electric vehicles spearheaded by Tesla have witnessed record-breaking sales in…
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