Read on with the car ownership experts at super app Jerry to learn more about this new law and when Hyundai plans to complete the construction of its Savannah, Georgia manufacturing plant.
Why foreign automakers are scrambling to open US plants
The new tax credit restrictions come as part of the Biden administration’s Inflation Reduction Act, which was signed into law over the summer. While the act alleviates some frustrations for automakers by lifting the 200,000 unit eligibility cap for a full year, it came with a few added stipulations as well.
Income limits would prohibit joint filers that make over $300,000 and individuals that make over $150,000 from access to the tax credit. That amount is halved for used EVs.
Are Hyundai EVs worth it?
In spite of no longer qualifying for the $7,500 tax credit, it should be noted that these cars are still very highly rated and competitively priced. If you’re shopping for an EV, it could be worth it to give one of these foreign-made cars a test drive before making your final choice.
In spite of the short-term struggles for some automakers, the new law will hopefully work as intended to create more jobs across the U.S. and potentially strengthen domestic interest in EVs as well.
How to save money on a new EV
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