In a recent update, the Tesla Cybertruck, along with select Hyundai, Kia, and Genesis EVs, now qualify for the $7,500 U.S. EV tax credit. This is good news for potential EV buyers eager to save on their next purchase, but the future of these subsidies remains uncertain. Let’s explore which vehicles qualify, how to take advantage of the credit, and why this opportunity may be short-lived.
Eligible EVs: New Additions and Notable Exclusions
The list of eligible vehicles now includes popular models such as:
- Tesla Cybertruck
- Hyundai IONIQ 5 & IONIQ 9
- Kia EV6
- Genesis GV70 EV
These join models from Acura, Cadillac, Chevrolet, Ford, and Honda. However, some well-known EVs, including the Nissan LEAF, Rivian R1S, Rivian R1T, and Volkswagen ID.4, have been removed from the eligibility list.
Interestingly, buyers can still benefit from the tax credit when leasing ineligible vehicles. A leasing loophole allows federal subsidies to apply to leased EVs, even if they no longer qualify for direct purchase incentives.
A Looming Deadline: Policy Changes on the Horizon
The biggest concern for EV shoppers is how long these credits will remain available. Incoming president Donald Trump, along with Elon Musk, has expressed intentions to eliminate EV tax credits entirely. Political insiders expect this to be one of Trump’s early actions after taking office.
With time potentially running out, EV buyers may have only a few weeks to take advantage of these financial incentives. Acting quickly could be the difference between saving thousands or missing out entirely.
Public Support for EV Subsidies Remains Strong
Despite the political pushback, public support for EV incentives remains high. According to a recent survey by Veloz, 67% of respondents believe government subsidies are essential for EV adoption, and 50% indicated they wouldn’t purchase an EV without the $7,500 tax credit.
Josh Boone, Veloz’s Executive Director, emphasized the risk of cutting these incentives: “The industry could lose 50% of potential buyers without federal EV tax credits. Just like traditional industries have long enjoyed subsidies, new technology needs government investment to grow.”
Final Thoughts
While there’s clear public demand for EV subsidies, policy changes may soon end this financial support. If you’re planning to go electric, now might be the best time to act before these tax credits disappear.
