Here's How You Can Avail $7,500 Federal EV Credit Even After Trump's September 30 Deadline

Prospective EV buyers in the U.S. can avail the $7,500 Federal Credit, even after the September 30 deadline issued by President Donald Trump, due to some modifications issued by the IRS.

More Flexibility For EV Buyers

The new guidelines issued by the IRS on Thursday highlight that customers can avail the incentive beyond September 30 if they acquire the vehicle by signing a binding purchase contract and issuing a payment. "A payment includes a nominal downpayment or a vehicle trade-in," the IRS said.

Furthermore, the acquisition of a vehicle requires it to be "placed in service," which means, if the customer has made the payment and signed a purchase contract before or on September 30, they can take delivery of the vehicle beyond the deadline and still avail the incentive as the eligibility is tied to the date of the contract.

"Taxpayers should receive a time of sale report from the dealer at the time they take possession or within three days of taking possession of the vehicle," the IRS said.

California Could Offer EV Incentives Beyond September 30

The news comes as the government of California announced it could offer incentives to EV buyers beyond the September 30 deadline for the EV credits, as Governor Gavin Newsom doubles down on EVs following an executive order issued in June.

Global EV Sales Surge, Tesla Hikes Cybertruck Prices

Global EV sales also recorded a 21% jump in July, as companies sold over 10.7 million EVs worldwide from January through July, representing a 27% surge in EV adoption compared to last year.

Meanwhile, despite the deadline and lackluster sales, Tesla Inc. TSLA has hiked the price of the Cybertruck's range-topping Cyberbeast trim, which is now available for $114,000 in the U.S.

Ford And GM Push With EV Endeavors

Elsewhere, Ford Motor Co. F and General Motors Co. GM are pushing on with EVs as Ford recently unveiled an all-new platform, which will underpin the company's affordable EV lineup.

General Motors, too, signed a deal with China's CATL to supply LFP batteries for the Chevrolet Bolt EV until 2027, when partner LG Energy Solutions can ramp up domestic production.

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