The electric vehicle (EV) industry has seen a huge surge in popularity since the unveiling of the new $7,500 tax credit for qualifying EVs. This federal tax credit, which was enacted in December 2019, is meant to encourage and incentivize individuals and families to adopt cleaner, more sustainable transportation solutions. But with the wide array of EV models available to choose from, from battery-powered to plug-in hybrid models, you may be wondering exactly which EVs qualify for this lucrative tax credit.
Here is a partial list of all the EVs that qualify for the new $7,500 tax credit:
Tesla: The Tesla Model 3 is a popular entry-level EV that offers impressive performance, with a range of up to 263 miles and a 0-60 mph time of as low as 3.5 seconds. All new Tesla Model 3 and Tesla Model Y vehicles purchased after November 24, 2019 are eligible for the $7,500 federal tax credit.
General Motors: General Motors offers a range of EVs, including the Chevrolet Bolt EV, the Chevy Volt plug-in hybrid, the Cadillac CT6 Plug-in Hybrid, and the Buick Velite 6. All of these vehicles are eligible for the federal tax credit. Additionally, the Chevrolet Bolt EV and the Chevy Volt received a range increase in 2020, making them even more attractive to EV buyers.
BMW: BMW has a lineup of EVs and plug-in hybrids, including the BMW i3, i3s, iX3, and X5 xDrive45e. All of these vehicles qualify for the federal tax credit.
Honda: Honda makes a range of EVs and plug-in hybrids, including the Honda Clarity Plug-in Hybrid, the Fit EV, the Accord Plug-in Hybrid, and the Insight Plug-in Hybrid. All of these vehicles qualify for the federal tax credit.
Nissan: Nissan makes a range of EVs and plug-in hybrids, including the all-electric Nissan Leaf, the Leaf Plus, and the Nissan Altima Hybrid. All of these vehicles qualify for the federal tax credit.
Toyota: Toyota offers a range of EVs and plug-in hybrids, including the Prius Prime, Mirai Fuel Cell, and RAV4 Hybrid. All of these vehicles qualify for the federal tax credit.
Ford: Ford has a range of EVs and plug-in hybrids, including the Ford Focus Electric, the Fusion Energi Plug-in Hybrid, the Mustang Mach-E, and the C-Max Energi Plug-in Hybrid. All of these vehicles qualify for the federal tax credit.
Hyundai: Hyundai makes a range of EVs and plug-in hybrids including the Hyundai Kona EV and the Hyundai Ioniq Plug-in Hybrid. All of these vehicles qualify for the federal tax credit.
Kia: Kia offers a range of EVs and plug-in hybrids, including the Kia Niro Plug-in Hybrid, the Kia Soul EV, and the Kia Optima Plug-in Hybrid. All of these vehicles qualify for the federal tax credit.
These are just some of the vehicles that qualify for the $7,500 federal tax credit. Be sure to check with your local dealership for more information about which vehicles qualify and how you can apply for the credit.