"U.S. Car Dealers Adapt as EV Tax Credit Changes Impact Market"
The Cadillac Lyriq, an electric vehicle previously driven by Energy Secretary Jennifer Granholm, is now ineligible for a $7,500 federal tax credit due to new Treasury Department rules that disqualify EVs with battery components from China. This change impacts American buyers and comes after Granholm's summer road trip promoting EVs, during which she encountered charging issues and her team controversially reserved a charging station. General Motors plans to offer its own $7,500 incentive to offset the loss of the tax credit and expects the Lyriq to qualify for the credit again in early 2024. The new rules are part of an effort to encourage domestic manufacturing and reduce reliance on foreign components, particularly from China.
