Biden to Sign Law on Tuesday Cutting Most Current EV Credits 

Last week, U.S. President Joe Biden signed legislation eliminating electric vehicle tax credits for most models, which are currently getting up to $7,500. Biden signed legislation to approve the $430 billion climate, health, and tax bill.  

The Alliance for Automotive Innovation, a trade group representing Volkswagen (VOWG_p.DE), General Motors Co (GM.N), Toyota Motor (7203.T), Ford Motor (F.N), and others, said previously that the law would make 70 percent of 72 U.S. electric, plug-in hybrid, and fuel-cell EVs that currently qualify ineligible upon Biden’s signing. 

Automakers and dealers have been working with customers to achieve binding written contracts before Biden’s signing, making them eligible for credits even if they have not received vehicles. 

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