Yes - This is correct.  The nonrefundable credit for electric vehicles is handled on your tax return.  It reduces the taxes you have to pay and in turn increases your refund.  The credit is not a separate transaction.  So go ahead and submit your return!

Thanks for the reply. I read that nonrefundable credits would only reduce my tax liability but not go "below" 0 resulting in a refund. Just wanted to make sure that it's correct in showing that I'm expecting that amount because the credit is covering some interest tax that I owe so I thought it would net me 0 in the end.

You are correct --  a nonrefundable credit can only reduce your tax liability but not go below 0.  If your tax liability is zero, you get back any withholding that might have been taken out during the year.