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

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.

Ford And GM Push With EV Endeavors

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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