WASHINGTON — Electric vehicle tax credits for most models will drop or disappear in just under two weeks, according to major automakers as they take stock of new U.S. Treasury guidelines.
The new rules going into effect on April 18 were approved by Congress as part of the Inflation Reduction Act and aim to wean U.S. automakers off of battery supply chains largely controlled by China. They include requirements for battery component and critical mineral sourcing that will pare down vehicles that have otherwise been eligible since the law kicked in at the beginning of the year.
Ford Motor Co.'s F-150 Lightning pickup and the Lincoln Aviator Grand Touring will remain eligible for the $7,500 credit, the company announced Wednesday.
