The Inflation Reduction Act of 2022 changed the rules for electric vehicles. Most of the changes apply starting in 2023. However, at least a new requirement became effective on August 16, 2022, the date the Act was signed into law. It says that a vehicle qualifies for the credit only if the final assembly of it occurs in North America (the “final assembly requirement”). The IRS has provided guidance on EVs bought in 2022:
The Department of Energy has a list of Model Year 2022 and early Model Year 2023 vehicles at https://afdc.energy.gov/laws/inflation-reduction-act that meet the final assembly requirement. The National Highway Traffic Safety Administration has a VIN Decoder at https://www.nhtsa.gov/vin-decoder, which can be used to verify whether a particular EV meets the final assembly requirement.
Hobby expenses are deductible only up to income from the activity; loss deductions are not allowed.