[s7davis]

But would VinFast still qualify? Wouldn't the old credit stop functioning the moment Biden signs the bill? VinFast cars initially won't be assembled in US.

Yes at the moment until VinFast NC plant opens they will not qualify. They will need to make firm purchase order agreements for people to be grandfathered into the old tax credit of $7500 for first 200k vehicles. So Vinfast needs to get those emails out to make order agreements out ASAP or their will be no tax credit until 2024 and then it is only 3750 for car manufacturing the rest depends on where the Batteries minerals are mined and manufactured.

 

[s7davis]

Actually that is a great point that I hadn't thought of. Most the other cars we normally attribute this Tax Credit/Discount to are all manufactured in the US, but yeah, Vinfast will likely not qualify for this credit in the same way.

Good catch...and good explanation @s7davis

on edit: originally wrote 'All', but really should have said most since Hyundai, KIA and some others might also lose this credit.

I think as it stands right now only 11 EVs sold in the USA will qualify for at least half the credit and maybe 1 or 2 will qualify for full credit.

So to qualify cars can not be more than $55k and SUV/Trucks no higher than $80k.
I believe the ones that will qualify for some or all credit will be the following and I am sure I will miss a few

Ford Mach-E
Ford Lightning
Tesla Model 3
Tesla Model Y
Chevy Bolt
Chevy Blazer Cheap model
Chevy Equinox Probably all
Nissan Leaf I think it is built in US or USFT
Audi (I think)
Rivian (if they nerf software on the Truck to lower its price
Rivian SUV (nerf software to lower range and power to lower its price)
Lucid (only if they nerf software severely to lower it to a base $55k car)
Vinfast (only will qualify once NC Factory is built and operational)
Fisker Pear (it will be built in OH I think at Foxconn FActory. Pear not expected until 2024 or 2025) [Fisker may move Ocean manufacturing to Foxconn so it will get credits as well.
Fisker Ocean (will not qualify as it is built in Austria)

Now remember these credits are only for a decade. They will expire in 2032 no matter how many vehicles are sold. Technically they are not credits is a POS Rebate that will be added to any and all vehicle purchase agreements which then will enable car companies to raise the prices of the vehicles by that amount.

 

[s7davis]

Credits for New Electric Vehicles Purchased in 2022 or Before | Internal Revenue Service

If you bought or leased a new, qualified plug-in electric vehicle (EV) in 2022 or before, you may be eligible for a clean vehicle tax credit up to $7,500 under IRC 30D.

www.irs.gov

IRS take on the new tax credit and how it will apply.