In a recent interview with Yahoo Finance Live, Fisker CEO Henrik Fisker called the restrictions counterproductive, arguing that the limitations would actually "slow the adoption of EVs."

"It's going to offer less choice to the consumers," he said. "I'll be surprised if there's even 10 vehicles in the US that will qualify for the full amount."

An analysis by the Congressional Budget Office estimated the $85 million set aside for new EV credits in the 2023 fiscal years would only translate to 11,000 new vehicles sold under the $7,500 credit. That pales in comparison to roughly 630,000 EVs sold in 2021 just in the U.S.