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Evtaxcredit

All articles tagged with #evtaxcredit

business-and-finance2 years ago

"GM Counters EV Tax Credit Changes with $7500 Discount on Select Models"

General Motors is offering a $7,500 incentive on its electric vehicles that no longer qualify for a U.S. government tax credit due to new battery sourcing requirements. This move comes after the Treasury's guidelines, which aim to reduce reliance on China for EV supply chains, resulted in a reduction of eligible EV models from 43 to 19. Meanwhile, Ford is adjusting prices on its F-150 EVs, with increases on lower-priced models and cuts on premium ones. GM expects its EVs to regain eligibility for the credit in early 2024 after a sourcing change. The new U.S. EV tax credit rules are part of the 2022 Inflation Reduction Act, which requires vehicles to be assembled in North America to qualify.

via Reuters|
##autoindustry#business-and-finance
automotive-business2 years ago

"GM Counters Shrinking EV Tax Credit List with $7500 Discount Offer"

General Motors is offering a $7,500 incentive to buyers of certain electric vehicle (EV) models that no longer qualify for the U.S. federal EV tax credit due to recent changes in eligibility requirements. This move is aimed at mitigating the impact of the exclusion of models like the Chevy Blazer EV and Cadillac Lyriq, which lost their tax credit eligibility due to sourcing issues with two minor components. GM is committed to ensuring its upcoming EVs, such as the Chevy Equinox, GMC Sierra Denali, and Cadillac OPTIQ, will meet the criteria for the full tax credit following a change in sourcing. The incentive is GM's way of maintaining competitiveness in the EV market, as other manufacturers like Tesla and Ford continue to see success with their qualifying models.

via Electrek.co|
##autoindustry#automotive-business
automotive-business2 years ago

"GM Counters Reduced EV Tax Credits with $7500 Discounts on Select Models"

General Motors (GM) is offering a $7,500 discount on certain electric vehicles (EVs) to offset the temporary loss of the federal EV tax credit for models like the Cadillac Lyriq and Chevrolet Blazer EV due to component qualifications. The Chevrolet Bolt will retain the full credit, while GM plans to adjust sourcing to regain eligibility for other models. The EV tax credit landscape has changed significantly, with only 19 EVs qualifying in the U.S. as of 2024, down from 43 in 2023. The IRS has also updated the process, allowing customers to receive the credit at the point of sale rather than through tax filings.

via TESLARATI|
##automotive-business#automotiveindustry
automotive-business2 years ago

"2024's Guide to Maximizing Savings with New EV Tax Credits"

The Tesla Model 3 Performance has become an unexpectedly affordable option due to the U.S. federal EV tax credit, with a post-credit price of $43,490, making it cheaper than the Long Range version and the second most affordable Model 3 after the Rear-Wheel-Drive trim. The updated tax credit eligibility excludes certain Tesla models but still benefits others, including the Model Y and Model X variants. The tax credit is subject to vehicle price and buyer income limits, and regional incentives can provide additional savings. The Tesla Cybertruck currently does not qualify for the federal incentive, potentially due to its price exceeding the cap.

via TESLARATI|
##automotive-business#electricvehicles
automotive-technology2 years ago

"Remaining EVs Eligible for Full $7,500 US Tax Credit Dwindle to a Select Few"

The number of electric vehicles eligible for the full $7,500 federal tax credit in the US has been significantly reduced due to new requirements on battery minerals and sourcing from the Inflation Reduction Act of 2022. Only five battery electric vehicles and one plug-in hybrid vehicle qualify for the full credit, with a few others eligible for a half credit. Popular EVs like the Tesla Model 3, Nissan Leaf, and Volkswagen ID.4 have been removed from the list, and many EVs manufactured outside North America never qualified. The tax credit is becoming more restrictive to encourage the use of battery materials not sourced from "foreign entities of concern" and to boost the US EV sector and job creation. Automakers are now investing in North American battery plants and mining operations to comply with the new regulations.

via The Verge|
##automotive-technology#batterysourcing
automotive-technology2 years ago

"2024's Eligible EVs for Maximum Federal Tax Credits: What You Need to Know"

The U.S. government has announced the electric vehicles eligible for the full $7,500 federal tax credit under new guidelines, including GM's Chevy Bolt, Ford F-150 Lightning, and certain Tesla models. A smaller $3,750 credit applies to some Rivian models and plug-in hybrids. The stringent criteria aim to shift the EV supply chain away from China and towards North America, with vehicles required to be built in North America and fall under specific price caps. The updated tax credit is now more consumer-friendly, being applied at the time of purchase and not requiring a tax liability equal to the credit amount. Automakers are adapting to these changes, with efforts to replace non-qualifying components and build more factories in North America.

via TechCrunch|
##automotive-technology#automotiveindustry
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 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-technology2 years ago

"Understanding the Shifts in EV Tax Credits and Tesla's Eligibility in 2024"

Tesla has updated its list of vehicles eligible for the full $7,500 federal EV tax credit, which now functions as a point-of-sale incentive. The eligible models include the Model 3 Performance, Model X Dual Motor, and all Model Y variants, with the condition that the Model X must be the base version to stay under the $80,000 price cap for SUVs. Income limits for buyers apply, but the new point-of-sale system removes the need for federal tax liability consideration in 2024.

via Electrek.co|
##automotive-technology#electricvehicles