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Electric vehicle tax credits

As sales of electric vehicles continue to grow in 2024, many new and prospective customers have questions about qualifying for a federal tax credit on electric vehicles. Whether your vehicle qualifies or not is a simple yes or no question, but the amount you may qualify for varies by household due to a number of different factors. Luckily, we have compiled everything you need to know about tax credits for your new or current electric vehicle into one place.

Table of contents

How does a federal tax credit work for my EV?

The idea in theory is quite simple, per the IRS – “You may qualify for a credit up to $7,500 under Internal Revenue Code Section 30D if you buy a new, qualified plug-in EV or fuel cell electric vehicle (FCV). The Inflation Reduction Act of 2022 changed, but extended the terms for this credit for vehicles purchased between 2023 to 2032.

That said, you cannot simply go out and buy an electric vehicle and expect Uncle Sam to cut $7,500 off your taxes come April. In reality, the amount you qualify for is based on both your income tax as well as several specifications of the electric vehicle you purchase, including where it’s built. More on that below.

First, let’s take a second to truly understand how the Federal EV tax credit currently works.

How much is the federal tax credit?

First and foremost, it’s important to understand three little words the government slips in front of the $7,500 credit – “may” and “up to.” As in, you may qualify for up to $7,500 in federal tax credit for your electric vehicle. At first glance, this credit may sound like a simple flat rate, but that is unfortunately not the case.

For example, if you purchased a Tesla Model 3 and owed say, $3,500 in income tax for the year, then that is the federal tax credit you would receive. If you owed $10,000 in federal income tax, then you would qualify for the full $7,500 credit.

It’s important to note that any unused portion of the $7,500 is not available as a refund nor as a credit for next year’s taxes. Bummer.

2024 Tesla Prices
The 2024 Model 3 / Source: Tesla

Federal Tax Credits under the Inflation Reduction Act

The following terms were introduced by the Biden Administration in the summer of 2022 and went into effect on January 1, 2023:

  • Federal tax credit for EVs will remain at $7,500
    • The timeline to qualify is extended a decade from January 2023 to December 2032
  • Tax credit cap for automakers after they hit 200,000 EVs sold is eliminated, making GM, Tesla, and Toyota once again eligible
  • The language in the bill indicates that the tax credit could be implemented at the point of sale instead of on taxes at the end of the fiscal year
    • That means you can get your credit up front at the dealer, but these terms may not kick in until 2024
  • In order to get the full tax credit, the EV must be assembled in North America and…
    • Two binary pieces separate the full $7,500 credit meaning the vehicle either qualifies for each piece of the credit or doesn’t
    • $3,750 of the new credit is based upon the vehicle having at least 40% of its battery-critical minerals from the United States or countries with a free trade agreement with the United States. This is a list of countries with free trade agreements with the US.
    • The other $3,750 of the new credit is based on at least 50% of the battery components of the vehicle coming from the United States or countries with a free trade agreement with the US
    • Note – these battery requirements are now being enforced as April 18, 2023. More below.
    • The 40% minerals requirement increases to 50% in 2024, 60% in 2025, 70% in 2026 and 80% in 2027
    • The 50% battery components requirement increases to 60% in 2024, 70% in 2026, 80% in 2027, 90% in 2028 and 100% in 2029
    • Beginning in 2025, any vehicle with battery minerals or components from a foreign entity of concern is excluded from the tax credit
  • Qualifying EVs must also have a battery size of at least 7 kWh and a gross vehicle weight rating of less than 14,000 pounds
  • A new federal tax credit of $4,000 for used EVs priced below $25k
    • Subject to other requirements like lower annual income (see below)
  • Revised credit applies to battery electric vehicles with an MSRP below $55,000
  • Also includes zero-emission vans, SUVs, and trucks with MSRPs up to $80,000
  • New credit also expands to commercial fleet customers
    • Includes separate qualifications and limits
  • The federal EV tax credit will be available to individuals reporting adjusted gross incomes of $150,000 or less, $225,000 for heads of households, or $300,000 for joint filers
  • The new credit will also continue to apply to Plug-in Hybrid EVs (PHEVs) as long as they meet the same requirements outlined above

Revamped used electric vehicle tax credit

Used EVs also got revised terms that now offer a credit equal to 30% percent of the sale price (up to $4,000). That should help consumers like yourselves get some change back in your pocket at the end of the fiscal year. As long as you stick to these terms as outlined by the IRS.

To qualify as a customer, you must:

  • Be an individual who bought the vehicle for use and not for resale
  • Not be the original owner
  • Not be claimed as a dependent on another person’s tax return
  • Not have claimed another used clean vehicle credit in the three years before the EV purchase date
  • Modified adjusted gross income must not exceed $75k for individuals, $112,500 for heads of households, and $150k for joint returns

For the used EV to qualify for federal tax credits, it must:

  • Have a sale price of $25,000 or less
  • Have a model year at least two years earlier than the calendar year when you buy it
    • For example, a vehicle purchased in 2023 would need a model year of 2021 or older
  • Not have already been transferred after August 16, 2022, to a qualified buyer
  • Have a gross vehicle weight rating of less than 14,000 pounds
  • Be an eligible FCV or plug-in EV with a battery capacity of at least 7 kilowatt hours (kWh)
  • Be for use primarily in the United States
  • You buy the vehicle from a dealer
    • For qualified used EVs, the dealer reports the required information to you at the time of sale and to the IRS
  • Purchaser must be an individual (no businesses) to qualify for used credit
  • A used vehicle qualifies for tax credit only once in its lifetime

The IRS’ latest electric vehicle tax credit guidance

In October 2023, the IRS released updated guidance on federal tax credits for EV purchases in the US that now allow for point-of-sale federal tax credits rather than having to wait until you file to get your money back, beginning January 1, 2024. Per the IRS:

The Internal Revenue Service issued proposed regulations, Revenue Procedure 2023-33 (PDF) and frequently asked questions today for the transfer of new and previously owned clean vehicle credits from the taxpayer to an eligible entity for vehicles placed in service after Dec. 31, 2023.

This “transfer” is essentially the ability of a new EV buyer to give the tax credit to the dealer selling them their shiny new EV. In exchange, the dealer can give the equivalent “in cash or in the form of a partial payment or down payment.”

However, all the same eligibility criteria still apply even with a transfer, including the buyer having a federal tax burden.

The buyer must give the dealer all their tax information, which will then be submitted to the IRS. The dealer is not required to verify the information, and therefore, the disclosure falls on the buyer. All the other previous vehicle requirements, like MSRP limits, and for the buyers, like income limit requirements, apply here.

The only requirement that this update allows you to avoid is your tax burden. If, for some reason, you can afford to buy a new car and yet you happen to have a tax burden smaller than the full amount of tax credit you are eligible for, the IRS says that it won’t “recapture” the difference.

Vehicles that qualify for federal tax credits (January 2024)

Battery Electric Vehicles (BEVs)

Make and Model MSRP Limit Tax Credit Amount
CHEVROLET (GM)
Bolt EUV (2022-2023) $55,000 Up to $7,500
Bolt EV (2022-2023) $55,000 Up to $7,500
FORD
F-150 Lightning Standard Battery (2022-2024) $80,000 Up to $7,500
F-150 Lightning Extended Battery (2022-2024) $80,000 Up to $7,500
RIVIAN
R1T Dual Motor Large Pack (2022-2024) $80,000 Up to $3,750
R1T Dual Motor Max Pack (2022-2024) $80,000 Up to $3,750
R1T Quad Motor Large Pack (2022-2024) $80,000 Up to $3,750
R1S Dual Motor Large Pack (2022-2024) $80,000 Up to $3,750
R1S Quad Motor Large Pack (2022-2024) $80,000 Up to $3,750
TESLA
Model 3 Performance (2023-2024) $55,000 Up to $7,500
Model X Long Range (2023-2024) $80,000 Up to $7,500
Model Y Rear Wheel Drive (2024) $80,000 Up to $7,500
Model Y All Wheel Drive (2023-2024) $80,000 Up to $7,500
Model Y Performance (2023-2024) $80,000 Up to $7,500
Current as of 1/3/24 (changes in bold)
Rivian Range

Plug-in Hybrid Electric Vehicles (PHEVs) that currently qualify

Make and Model MSRP Limit Full Tax Credit
CHRYSLER
Pacifica Plug-in Hybrid (2022-2024) $80,000 Up to $7,500
FORD
Escape Plug-in Hybrid (2022-2024) $80,000 Up to $3,750
JEEP
Grand Cherokee 4xe (2022-2024) $80,000 Up to $3,750
Wrangler 4xe (2022-2024) $80,000 Up to $3,750
LINCOLN
Corsair Grand Touring (2022-2024) $80,000 Up to $3,750
Current as of 1/3/24 (changes in bold)

Find out where an EV is assembled using its VIN

The US Department of Energy offers a VIN decoder tool to confirm where a given EV is assembled. Check it out here.

Our complete breakdown of state tax incentives, sorted by state

In addition to any federal credit you may or may not qualify for, there are a number of clean transportation laws, regulations, and funding opportunities available at the state level.

We’ve compiled every state rebate, tax credit, and exemption for you and sorted it by state. Whether it’s a purchase or lease of a new or used EV or the purchase and installation of an EV charger, you could get money back, depending upon where you live.
Here are all those tax credits, rebates, and exemptions sorted by state.

electric vehicle tax credit
Source: Fueleconomy.gov

Electric Vehicle (EV) Tax Credit FAQ

How does the EV tax credit work?

At the federal level, the tax credits for EVs (electric cars, vans, trucks, etc) operate as money back at the end of the fiscal year you purchased or leased your vehicles based on a number of factors.

The awarded credit is up to $7,500 per vehicle, but how much you may get back will depend on your annual income, whether you are filing with someone else like a spouse, and what electric vehicle you purchased.

For example, if you purchased a Ford F-150 Lightning and owed $3,500 in income tax this year, then that is the federal tax credit you would receive. If you owed $10,000 in federal income tax, then you could qualify for the full $7,500 credit.

It’s important to note that any unused portion of the $7,500 is not available as a refund nor as a credit for next year’s taxes.

You may also be able to receive money back right away as a point-of-sale credit, but those terms probably won’t kick in until 2024 at the earliest.

What electric vehicles qualify for tax credits?

As things currently stand, there is a lot up in the air right now. The first table above details all of the electric vehicles that qualify under the terms of the Inflation Reduction Act, including battery guidance. Be sure to check the date at the bottom of each table above to see when it was most recently updated.

What electric vehicles qualify for the new tax credits in 2024?

As previously mentioned, qualifying terms for electric vehicles became more strict at the start of 2023, and EVs and their battery components must be assembled in North America to qualify.

As you can see above, significantly fewer electric vehicles qualify under the new terms, but as time goes on, more and more automakers will adapt their production strategies to operate within North America and start selling vehicles that qualify.

American companies like Ford, GM, and Tesla already have EVs that qualify to some extent, but others are sure to follow. We will continually update the list above as we learn more.

Do hybrids qualify for tax credits?

Excellent question. Since traditional hybrid vehicles rely primarily on combustion and do not use a plug to charge, they do not qualify for tax credits at the federal level. Credits apply to plug-in electric vehicles which include plug-in hybrid EVs and battery electric vehicles (BEVs).

Do used electric cars qualify for federal tax credits?

Yes! Under revised terms in the Inflation Reduction Act. Used EVs will now qualify in addition to new vehicles as previously stated.

As of January 1, 2023, qualifying used EVs priced below $25,000 can qualify for up to $4,000 in federal tax credits. There are some terms to note, however:
– Used vehicle qualifies for tax credit only once in its lifetime.
– Purchaser must be an individual (no businesses) to qualify for the used vehicle credit.
– Purchaser may only claim one used vehicle credit per three years.

– Used vehicle must be at least two model years old at the time of sale.
– The original use of the vehicle must have occurred with an individual other than the one claiming the used tax credit.
– Used vehicle must be purchased from a dealer.
– Gross income cap of $75k for individuals, $112,500 for heads of households, and $150k for joint returns.
– Credit may be applied at the time of sale by the dealer

Are there price caps for electric vehicles to qualify for tax credits?

Yes.
Under the new terms in the Inflation Reduction Act, the MSRP of electric vehicles must be $80,000 or less for SUVs, vans, and trucks. MSRPs for all other electric vehicles must be $55,000 or less.

What are the income limits to qualify for any federal EV tax credits?

Modified adjusted gross income limits are $150,000 for individuals, $225,000 for heads of households, and $300,000 for joint returns. Any reported annual income below these thresholds should qualify you for some level of tax credit, as long as your new purchase is a qualifying electric vehicle.

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Jackery cuts Explorer 5000 Plus offers to new lows from $2,483, Lectric XP 3.0 e-bike bundles up to $365 off, Anker SOLIX C1000, more

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April 24, 2025

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Jackery cuts Explorer 5000 Plus offers to new lows from ,483, Lectric XP 3.0 e-bike bundles up to 5 off, Anker SOLIX C1000, more

Today’s Green Deals are being led by a surprise Earth Day Sale changeup from Jackery, with the brand increasing savings on its latest Explorer 5000 Plus offers that are seeing a bunch of new low prices starting from $2,483, but they’ll be ending tomorrow night. We also have new Lectric deals taking up to $365 off XP 3.0 e-bike bundles starting from $999, as well as Anker’s SOLIX C1000 Portable Power Station down at $449 with some additional bundle options. Lastly, we spotted the latest generation of Greenworks’ Pro 3,000 PSI Electric Pressure Washer hitting a new $349 low, but only through the rest of the day. Plus, all the other hangover Green Deals are in the links at the bottom of the page, like yesterday’s new Heybike Hauler e-bike low, the multi-day EcoFlow flash offers, and more.

Head below for other New Green Deals we’ve found today and, of course, Electrek’s best EV buying and leasing deals. Also, check out the new Electrek Tesla Shop for the best deals on Tesla accessories.

Jackery increases savings on its modular Explorer 5000 Plus offers at new lows starting from $2,483

Looking back in on Jackery’s ongoing Earth Day sale through April 25, we spotted notable price cuts across the brand’s Explorer 5000 Plus offers, starting with the power station on its own for $2,483.10 shipped, after using the promo code EARTH10 at checkout for an additional 10% off. Normally going for $3,499 at full outside of discounts, we saw it spend most of the sale’s length at the former $2,849 low with the additional 5% savings from before. Now, you’re looking at savings increasing to 29% off, giving you $1,016 in total savings at a new all-time low. Head below to learn more about this model and check out the other low prices on its bundle options. It’s also beating out its Amazon pricing, where it’s still sitting at $2,999.

The latest release from Jackery, the Explorer 5000 Plus is the brand’s largest modular backup power solution, starting with a 5,040Wh LiFePO4 capacity that can be expanded up as high as 60,000Wh. Through its 12 output ports, it can deliver up to 7,200W of power that can double to 14,400W when connected to a second power station unit – plus, it comes rated for 4,000 life cycles, meaning you can completely discharge and “recharge it every day for nearly 11 years.”

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Jackery’s Explorer 5000 Plus comes ready to cover load demands of 120V and 240V devices alike (while also extending this versatility to solar charging for better compatibility with panels that use a MC4 connector), including the batteries in your RV and EV too, making it quite the option for folks who want a plug-and-play option that they can rely on at home while also taking it out of the house on trips. Along with the ChargeShield 2.0 protections, it also comes fireproof, shockproof, and is rated with an IPX4 water-resistant rating. You can get the full rundown on its many other capabilities in our original launch coverage here.

***Note: The extra 10% off discount has not been factored into the prices below – be sure to use the code EARTH10 at checkout for the maximum savings!

Jackery’s Earth Day Explorer 5000 plus deals:

Be sure to check out the full lineup of Jackery’s Earth Day Sale while the savings last through April 25, complete with bonus savings.

Lectric XP 3.0 e-bike

Lectric Lightning Deals hit XP 3.0 e-bikes with up to $365 in free gear for outdoor ventures starting from $999

Lectric has continued many of its Earth Day e-bike bundle prices while switching things up with Lightning Deals on its XP 3.0 e-bikes that are getting increased bundles with up to $365 in free gear. You’ll find the Standard models now getting $310 bundles at $999 shipped alongside the Long-Range models getting $365 bundles at $1,199 shipped. These packages would normally cost you $1,309 and $1,564, respectively. These may not be the largest bundles we’ve seen before, but they are continuing the recent trend of gearing you up with cargo-capable add-ons for greater versatility during your outdoor ventures through spring and summer. Head below to learn more about these e-bikes and the included bundles you’ll be getting when purchasing them while these deals remain.

The best-selling e-bikes in America, Lectric’s XP 3.0 e-bikes offer durability and reliability while keeping down at extremely affordable rates. The frame provides folding capabilities for easier storage and transport when not in use, with a 500W hub motor that peaks at 1,000W and can top out at either 20 or 28 MPH speeds, depending on your state’s laws. Your decision on which to buy will largely fall on how far you want it to carry you, as the Standard models provide up to 45 miles of travel with PAS activated, while the Long-Range models take things further for up to 65 miles.

There are throttles on all the models for when you want to cruise off pure electric power, though this will decrease your travel range. They also come stocked with an integrated rear cargo rack (which the basket attaches to), puncture-resistant tires, 180mm hydraulic disc brakes, and an LCD display. Of course, don’t forget about the free gear you’ll be getting, with the Standard models coming with steel-encased front and rear cargo baskets, rear-view mirrors, a phone mount, an accordion-style bike lock, and a bottle holder. The Long-Range models are getting the same cargo package, a wide comfort saddle, a phone mount, a 35L water-resistant soft cooler, and a water-resistant pannier bag.

The e-bike pricing on the brand’s other e-bike bundles have remained the same, which you can browse in full in our original sale coverage here.

Anker SOLIX C1000 Portable Power Station

Score Anker’s SOLIX C1000 1,056Wh LiFePO4 power station with $550 in savings at $449

By way of its official Amazon storefront, Anker is offering its SOLIX C1000 Portable Power Station at $449 shipped, with the price undercutting its direct flash sale pricing by $100. This model normally sits at a full $999 price tag, though we’ve been more recently seeing it start at Amazon from $799. While we have seen it go $20 low before – last time being at the top of February – it’s been spending the last two months mostly dropping to either $499 or this same rate we’re seeing today. You’ll be scoring a 55% markdown off its MSRP while this deal lasts, giving you $550 in savings at the second-lowest price we have tracked.

Anker’s SOLIX C1000 power station makes a great camping companion for those who want a little more battery size from the camping-oriented C800 models, especially considering it’s beating those smaller models’ pricing, which starts from $499. It provides you with a 1,056Wh LiFePO4 capacity (with a bundle option below that will double that amount) alongside up to 1,800W of steady power output through its 11 port options that can surge to 2,400W for larger appliance needs. You can refill the battery to 80% in just 43 minutes when plugged into a wall outlet, though this does only account for the station alone and not any expanded setup. There’s also a 600W maximum solar input that you can take advantage of to refill the entire battery in 1.8 hours with ideal sunny conditions.

We’re seeing two discounted bundle options right now from Amazon that you can take advantage of, with the first giving you the power station and a 200W solar panel for $699 shipped, down from $1,299. As mentioned before, you could also score the station with an expansion battery to reach a 2,112Wh capacity for $869 shipped, bringing the costs significantly far from its $1,798 MSRP.

Greenworks Pro 3,000 PSI Electric Pressure Washer

Greenworks’ latest pro-tier 3,000 PSI electric pressure washer at new $349 low (Today only)

As part of its Deals of the Day, Best Buy is offering the best price yet on the newest generation of Greenworks’ Pro 3,000 PSI Electric Pressure Washer for $349 shipped. Carrying a $450 price tag outside of discounts, we’ve seen three previous drops to $360 over at Amazon, which is currently out of stock. For the rest of the day, though, you can get a better-than-ever $101 markdown that drops costs to the lowest price we have tracked. This deal is also beating out the direct Greenworks website, where stock has also run out, making this the best place to score it to cover your outdoor cleaning needs through the months ahead.

Housed within a heavy-duty steel frame, this generation’s pro-tier model adds a foldable design over its predecessor for easier storage and transport when not in use. The 14A TruBrushless motor maxes out at 3,000 PSI for your cleaning needs, with a 1.1 to 2.0 GPM flow rate as it goes. Like its previous model, you’ll also find an onboard one-gallon detergent tank here, as well as a bunch of included accessories for wider versatility, including five nozzles, 25 feet of kink-resistant hose, and a durable quick-connect metal wand/gun.

Best Spring EV deals!

Best new Green Deals landing this week

The savings this week are also continuing to a collection of other markdowns. To the same tune as the offers above, these all help you take a more energy-conscious approach to your routine. Winter means you can lock in even better off-season price cuts on electric tools for the lawn while saving on EVs and tons of other gear.

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You won’t believe the repair cost of this Tesla Cybertruck after a crash with a compact sedan

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April 24, 2025

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You won't believe the repair cost of this Tesla Cybertruck after a crash with a compact sedan

Tesla Cybertruck damage

A compact car crashed into a parked Tesla Cybertruck, messing with the electric truck’s rear suspension. The experience of trying to repair the truck was so complicated and costly that it ended up as a salvage.

The Cybertruck introduces several innovations, including its partially 48-volt electronic architecture, drive-by-wire steering, and stainless steel exterior.

However, innovations in the auto industry often come with higher or unpredictable repair costs.

Edmunds found out the hard way.

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The publication bought a Cybertruck last year for long-term testing, but they disclosed this week that the truck was involved in an accident in December.

A “compact sedan” crashed into the rear wheel and bumper area on the driver’s side of the Cybertruck while it was parked. As you can see from the picture above, the damage didn’t look too bad, as you would expect for a 6,000-lb truck after an impact from a much smaller sedan.

However, before they knew it, the Cybertruck was totaled.

First off, Edmunds had to go to a Tesla Collision Center that can work on the Cybertruck and there are only two around Los Angeles, where they are based.

The first one said that it would take a month before they could estimate the repair, and another 6 months to start the repairs.

The second center, located in Ontario, California, also stated that there is a one-month wait to receive an estimate, but repairs can begin immediately after that.

Edmunds decided to go with the Tesla Collision Center in Ontario, but the repair never happened since the total cost was estimated at over $57,000.

Here’s the breakdown of repairs that the Cybertruck needed:

  • Stripes and moldings: $619
  • Motors and components: $4,191 (including $3,000 for an EV drive unit)
  • Motor mounts: $77
  • Wheels and parts: $1,758
  • Steering: $2,040
  • Rear suspension: $9,149 (including $2,500 for a new suspension crossmember)
  • Cab and components: $3,800 (including $3,240 for a high-strength steel frame)
  • Bed: $8,762.79 (including $1,595 for the outer panel, $4,280 for the aluminum rear section and $1,055 for the bed floor)
  • Tailgate: $2,495
  • Rear bumper: $2,417.73
  • Rear body, lamps and floor plan: $1,668.50 (including $800 for the inner taillamp assembly)
  • Miscellaneous parts: $357.22
  • Other parts: $5
  • Paint and materials: $610
  • Tax on parts and materials: $3,320.65
  • Labor: $16,584
  • Sublet repairs: $25

Needless to say, the truck was declared totaled, and it just fetched $8,000 on a salvage car auction site.

Electrek’s Take

Holy moly! That’s insane. The suspension getting screwed from the vehicle smashing directly into the rear wheel I get. That could have happened with any truck, and sure, you’d be looking at over $10,000 in damages easily.

However, $9,000 to fix the bed, $2,500 to fix the rear bumper, and $2,500 to fix the bumper, and that’s just in parts before the $16,500 of labor overall, is nuts and doesn’t scream “heavy duty” and “apocalypse proof” truck.

The Cybertruck was supposed to be a rugged, stainless steel truck that you wouldn’t mind getting dinged and scratched. I think it will be challenging to justify this with $57,000 in damages for a relatively mild crash.

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Amazon and Nvidia say AI data center demand is not slowing down

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2 hours ago

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April 24, 2025

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Amazon and Nvidia say AI data center demand is not slowing down

An Amazon Web Services data center in Stone Ridge, Virginia, on July 28, 2024.

Nathan Howard | Bloomberg | Getty Images

OKLAHOMA CITY — Amazon and Nvidia executives said Thursday that the construction of artificial intelligence data centers is not slowing down, as recession fears have some investors questioning whether tech companies will pull back on some of their plans.

“There’s been really no significant change,” Kevin Miller, Amazon’s vice president of global data centers, said at a conference organized by the Hamm Institute for American Energy. “We continue to see very strong demand, and we’re looking both in the next couple years as well as long term and seeing the numbers only going up.”

The comments run contrary to worrying buzz building on Wall Street about tech companies changing data center buildout plans. Wells Fargo analysts said Monday that Amazon Web Services is pausing some leases on data center commitments, citing industry sources. The magnitude of the pause was unclear, the analysts said, but the comments raised fears that Amazon was doing something similar to Microsoft’s recent move to pull back on some early stage projects.

Miller said “there’s been little tea leaf reading and extrapolating to strange results” about Amazon’s plans.

Nvidia is also not seeing signs of a slowdown, said Josh Parker, the chipmaker’s senior director of corporate sustainability.

“We haven’t seen a pullback,” Parker said. China’s artificial intelligence startup DeepSeek sparked a sell-off in power stocks earlier this year as investors worried that its artificial intelligence model is more efficient and data centers might need as much energy as originally anticipated.

But Parker said Nvidia sees compute and energy demand only rising due to AI, describing the reaction to DeepSeek as “kneejerk.” Anthropic co-founder Jack Clark said 50 gigawatts of new power capacity will be needed by 2027 to support AI. That is the equivalent of about 50 new nuclear plants.

“Anthropic and the other AI companies, what we’re seeing is tremendous growth in the need for new baseload power. We’re seeing unprecedented growth,” Clark said.

The executives were speaking at a gathering of tech and energy companies at a conference in Oklahoma City organized by the Hamm Institute to discuss how the U.S. can address the growing energy needs for AI. There is a growing consensus in both industries that natural gas will be needed to meet the power needs.

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