Only 10 Electric Vehicles Qualify For $7500 Tax Credit

Are electric vehicles the future of transportation? The Biden administration certainly thinks so, but recent changes to the EV tax credit have left only ten models that qualify for the full $7,500 tax break. Despite billions of dollars in subsidies and the goal of making two-thirds of all new car sales electric by 2032, EVs remain more expensive than gas-powered cars. Plus, the supply chain for EV batteries is heavily dependent on China, which manufactures 80% of the world’s lithium-ion batteries. These obstacles, along with the disputed environmental impact of EVs, have led to less than 20% of consumers saying they’re very likely to buy an EV for their next car. And while most automakers are losing money on their EV divisions, Tesla is the exception, recently dropping the price of its best-selling Model Y below the average price of a new car. Want to stay up-to-date on the latest news? Download the Daily Wire app today!