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How to Get the Federal Clean Vehicle Tax Credit This Year

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The United States federal government has made it even easier to buy a new or used electric vehicle (EV). The latest Clean Vehicle Tax Credits can be applied to the purchase of a new or used EV at the point of sale as of January 1, 2024. Here’s what you need to know.

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The Tesla Model 3 RWD’s federal tax credit gets reduced to $3,750

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The Tesla Model 3 RWD, the most affordable vehicle in the company’s lineup, will see its federal tax credit reduced from $7,500 to $3,750, as confirmed by an update on Tesla’s official Model 3 page. The reduction in the federal tax credit for the Model 3 RWD will take effect on April 18.

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Kia looks to secure US federal tax credit for EV9 in 2025

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It appears that South Korean automaker Kia is taking some steps to ensure that its EV9 all-electric SUV will qualify for the full $7,500 federal tax credit in the United States next year. As noted in a Nikkei Asia report, Kia is poised to start the production of the EV9 in the United States by May 2024.

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Toyota’s tax credit advantage over competitors like Tesla disappears

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The road ahead for Toyota as it starts competing seriously in the all-electric market just got a lot tougher. As recently corroborated by the veteran Japanese carmaker, it has already crossed the 200,000-unit cap for the United States’ $7,500 tax credit for hybrid and all-electric vehicles.

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Tesla warns Model 3 customers: federal tax credits likely reduced next year

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Tesla has updated the Model 3 sedan’s landing page with a new message about the all-electric sedan and its eligibility for the US Inflation Reduction Act’s (IRA) federal tax credit. Reports from March suggested that Tesla is looking to build a battery plant in the United States with CATL.

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Breaking: Tesla reduces Model 3 and Model Y prices in the United States

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Tesla’s aggressive sales strategy has been implemented in the United States. With these price adjustments in place, Tesla has ensured that the Model Y Long Range would qualify for the Inflation Reduction Act’s $7,500 federal tax credit. This means after the new $7,500 EV credit, it costs $43,490.

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GM expects Chevrolet Silverado EV to get full $7,500 tax credit

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General Motors (GM) expects the Chevrolet Silverado EV to get the Inflation Reduction Act’s (IRA) full $7,500 tax credit. Fleet customers including for BrightDrop and the Chevrolet Silverado EV will benefit from the $7,500 commercial incentive,” stated General Motors. The all-electric pickup truck is scheduled to launch by 2024.