The new-car industry seems like it's all EVs, all the time, lately. The month of April saw a lot of news on the EV front. On April 18, new - and really complicated - EV incentives started to take effect under the Inflation Reduction Act, which passed in August 2022. At face value, the new rules sharply reduce the number of EV models that get the maximum $7,500 tax incentive, limiting eligibility to vehicles that are built in North America. Manufacturers and dealers expect a major loophole for EVs that are leased for business, but some experts warn it may not be as easy as that. There are also limits on how much an individual buyer can earn, and a ceiling on how much the vehicle costs. The new incentives also impose a lot of other requirements on manufacturers - for example, where they source battery components and even the materials that go into the batteries, and much more. Some requirements are phased in over time, and many details are still to be worked out, experts said.
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