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Automotive Finance

All articles tagged with #automotive finance

business-automotive2 years ago

Vroom to Shut Down Operations and Lay Off 90% of Workforce

American used-vehicle company Vroom is shutting down its e-commerce operations and used vehicle dealership business, resulting in the layoff of approximately 90% of its workforce, or around 800 employees. The company plans to sell its current used vehicle inventory through wholesale channels and halt purchases of additional vehicles, while its automotive finance and AI-powered analytics subsidiaries will remain active. Vroom, which peaked at a valuation of over $8 billion in 2020, has seen its market cap fall to $75 million and recorded a net loss of $83 million in the third quarter of last year.

via CTech|
#automotive-finance#business-automotive#e-commerce
automotive-finance2 years ago

"2024 Guide to Remaining Electric Vehicles Eligible for U.S. Tax Credits"

The U.S. federal tax credit for electric vehicles (EVs) remains at up to $7,500 under the Inflation Reduction Act, with the credit now available for vehicles purchased between 2023 to 2032. The credit is non-refundable and depends on the buyer's tax liability and the vehicle's specifications, including assembly location and battery component sourcing. The act also introduces a $4,000 credit for used EVs under certain conditions. The IRS has updated guidance to allow for point-of-sale credits starting January 1, 2024. A list of qualifying new BEVs and PHEVs, along with their MSRP limits and credit amounts, is provided, and the article includes details on how to determine vehicle assembly locations using VINs, state tax incentives, and frequently asked questions about the EV tax credit.

via Electrek.co|
##automotive-finance#electricvehicles
automotive-finance2 years ago

"Updated EV Tax Credit Eligibility: 13 Models Qualify, with Alternatives for Faster Discounts"

The IRS has updated the electric vehicle tax credit rules for 2024, reducing the number of eligible vehicles for the federal tax credit and the maximum amount available. However, consumers can now receive the credit at the time of purchase rather than waiting for tax filing, and leasing offers a way to benefit from credits on ineligible vehicles. State and local incentives remain unaffected. Automakers are adapting to these changes by shifting their supply chains, which could make more models eligible in the future. The eligibility of specific vehicles, including popular models like the Tesla Model 3 and Ford F-150 Lightning, can be checked using the VIN on the IRS website.

via CNN|
##autoindustry#automotive-finance
automotive-finance2 years ago

"Maximizing Savings: The Latest Guide to EVs Qualifying for Full Federal Tax Credits"

The list of electric vehicles eligible for the $7,500 tax credit in 2024 has been reduced to 13 models due to new regulations that exclude cars with materials from certain foreign entities, including China. The updated list includes select models from Tesla, Rivian, Chevrolet, Ford, Chrysler, Jeep, and Lincoln. The Tesla Model 3 Performance is eligible, but other Model 3 versions are not. The Ford Mustang Mach-E has also been removed from the list. Vehicle eligibility can be confirmed by submitting the VIN on fueleconomy.gov.

via Mashable|
##automotive-finance#automotivepolicy
automotive-finance2 years ago

"Understanding the 2024 Shift in Electric Vehicle Tax Credit Eligibility for Tesla and Other Automakers"

Tesla has updated its website to reflect the electric vehicle (EV) models eligible for the Inflation Reduction Act's (IRA) tax credits in 2024. The eligible models include the Model X Dual Motor AWD, Model 3 Performance, and various Model Y configurations, with the base Model 3 and Long Range variant no longer qualifying. To receive the $7,500 tax credit, customers must meet specific IRS requirements, including income limits and the stipulation that the EV must be for personal use and primarily used in the U.S. The IRA also excludes EVs with components from foreign entities of concern, such as China and Russia.

via TESLARATI|
##automotive-finance#electricvehicles
automotive-finance2 years ago

"Understanding the 2024 EV Tax Credit: Qualifications and Eligible Vehicles"

The list of electric vehicles (EVs) eligible for the $7,500 federal tax credit has been significantly reduced due to new restrictions on materials sourced from China and other countries deemed a "foreign entity of concern." Automakers are now incentivized to shift battery production to the U.S. to maintain eligibility for the credit. Currently, only 13 EV models, including the Chevrolet Bolt EV and EUV, still qualify for the full or partial credit. Consumers can verify a vehicle's eligibility using its VIN on fueleconomy.gov.

via Business Insider|
##automotive-finance#batteryproduction
automotive-finance2 years ago

"2024 Guide to Qualifying EVs and Teslas for the $7,500 Tax Credit"

The IRS has released a significantly reduced list of electric vehicles (EVs) and plug-in hybrids (PHEVs) that qualify for a tax credit in 2024 due to new restrictions targeting battery components sourced from China. Notable exclusions include General Motors' new EVs and the Ford Mustang Mach-E, while Tesla's Model Y and Rivian models remain eligible. The list has shrunk from 43 to 19 models, but more vehicles may be added as automakers submit documentation. The tax credit now applies at the point of sale, and leasing any EV still grants the full credit, offering some relief to consumers and manufacturers.

via InsideEVs |
##automotive-finance#electricvehicles
automotive-finance2 years ago

"Understanding the 2023 EV Tax Credit: Eligibility and Changes for Tesla, Ford, and Chevy"

Starting January 1, the federal EV tax credit rules will change, disqualifying certain electric vehicles from receiving up to $7,500 in tax credits. Notably, the Tesla Model 3 (rear-wheel drive and long-range versions) and the Ford Mustang Mach-E will lose their eligibility due to new requirements on component sourcing, specifically excluding those with parts made in China or by Chinese-owned companies. The tax credit will also be applied at the time of purchase rather than retroactively.

via Business Insider|
##automotive-finance#electricvehicles