WASHINGTON — Electric vehicle leases are likely to surge beginning April 18, experts say, as new federal restrictions on EV tax credits come into effect.
The Inflation Reduction Act included newly written tax credits that offer up to $7,500 off new electric vehicles, as long as a big portion of the critical minerals and battery components come from the United States or key allies. They also need to be built in North America and retail under certain price points.
Without the mineral and battery component rules, only 39 models qualify — less than half of all EVs available in the United States — according to the Alliance for Automotive Innovation. Come April 18, that list is expected to narrow significantly.
