Editor's Note: Since the U.S. Department of Energy announced in April which automakers' vehicles would receive up to $7,500 in tax credits, several companies have convinced regulators that they qualify. On May 4, 2023, we updated this article (original date: April18) to reflect tax credits for Rivian and Volkswagen.
Hold on to your wallet: New federal tax incentives for electric and plug-in hybrid vehicles go into effect today.
To qualify for the full credit, vehicles must meet new sourcing requirements for critical minerals and battery components. In addition, the sticker price must not exceed $80,000 for pickup trucks, vans and SUVs, and $55,000 for all other vehicles.
Click through the slideshow to see which vehicles benefit from the rule changes, and which got dinged. The figures show what the previous incentive was (before), and what the incentive is now (after).
Here's the full chart (updated 5/4/23), with info courtesy of fueleconomy.gov:
| Manufacturer | Brand | Model | EV Tax Credit (as of April 18, 2023) | EV Tax Credit (Dec. 31, 2022 to April 17, 2023) |
|---|---|---|---|---|
| BMW | BMW | 330e | $- | $5,836 |
| BMW | BMW | X5 xDrive45e | $- | $7,500 |
| Ford Motor Co. | Ford | E-Transit | $3,750 | $7,500 |
| Ford Motor Co. | Ford | Escape Plug-in Hybrid (2022) | $3,750 | $6,843 |
| Ford Motor Co. | Ford | Escape Plug-in Hybrid (2023) | $3,750 | $6,885 |
| Ford Motor Co. | Ford | F-150 Lightning | $7,500 | $7,500 |
| Ford Motor Co. | Ford | Mustang Mach-E | $3,750 | $7,500 |
| Ford Motor Co. | Lincoln | Aviator | $7,500 | $6,534 |
| Ford Motor Co. | Lincoln | Corsair (2022) | $3,750 | $6,843 |
| Ford Motor Co. | Lincoln | Corsair (2023) | $3,750 | $6,885 |
| General Motors | Cadillac | Lyriq | $7,500 | $7,500 |
| General Motors | Chevrolet | Blazer (2024) | $7,500 | * |
| General Motors | Chevrolet | Bolt EV | $7,500 | $7,500 |
| General Motors | Chevrolet | Bolt EUV | $7,500 | $7,500 |
| General Motors | Chevrolet | Equinox (2024) | $7,500 | * |
| General Motors | Chevrolet | Silverado (2024) | $7,500 | $7,500 |
| Nissan | Nissan | Leaf | $- | $7,500 |
| Rivian | Rivian | R1S | $3,750 | $7,500 |
| Rivian | Rivian | R1T | $3,750 | $7,500 |
| Stellantis | Chrysler | Pacifica (Plug-in Hybrid) | $7,500 | $7,500 |
| Stellantis | Jeep | Grand Cherokee 4xe | $3,750 | $7,500 |
| Stellantis | Jeep | Wrangler 4xe | $3,750 | $7,500 |
| Tesla | Tesla | Model 3 (Standard range) | $3,750 | $7,500 |
| Tesla | Tesla | Model 3 (Extended range) | $7,500 | $7,500 |
| Tesla | Tesla | Model Y | $7,500 | $7,500 |
| Volkswagen | Volkswagen | ID.4 | $7,500 | $7,500 |
| Volvo | Volvo | S60 (Plug-in hybrid) | $- | $5,419 |
| Volvo | Volvo | S60 (Extended Range) | $- | $7,500 |
| Volvo | Volvo | S60 T8 Recharge | $- | $7,500 |
*Not on sale in time for earlier credits
