Nissan, BMW, Rivian, Volkswagen Lose Access To US EV Tax Credits: Report

  • Rivian Automotive Inc RIVNVolkswagen AG VWAGYNissan Motor Co Ltd NSANYBMW (Bayerische Motoren Werke ADR) BMWYYHyundai Motor Company HYMTF are among the companies reportedly losing $7,500 tax credit under new battery sourcing rules.
  • The new rules, effective April 18, will also cut Tesla Inc TSLA Model 3 Standard Range Rear Wheel Drive credits by half to $3,750, reported Reuters.
  • The vehicle models that will lose the credits include BMW330e, BMW X5 xDrive45e, Genesis Electrified GV70, Nissan Leaf, Rivian R1S and R1T, Volkswagen ID.4.
  • The rules were laid out in March as part of the $430 billion Inflation Reduction Act (IRA).
  • According to the IRA, 50% of the battery components should be produced or assembled in North America to be eligible for the $3,750 credit. 
  • The rules are intended to lower U.S. dependence on China for EV battery supply chains.
  • Photo Via Company
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