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GM is giving a $7,500 incentive on EV models that lost tax credit eligibility

Baua Electric

GM is offering a $7,500 incentive for EVs that lost eligibility for the EV tax credit. GM to give $7,500 incentive for non-qualifying EVs Two weeks ago, GM said the new Chevy Blazer EV and Cadillac Lyriq would lose eligibility for the US EV tax credit at the beginning of 2024. However, no other specifics were mentioned.

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Proposed Changes to the Federal EV Tax Credit Passed by the House of Representatives

EV Adoption

For electric vehicles, the BBBA includes multiple proposed changes to IRC 30D, more commonly knows as the federal EV tax credit. Perhaps the mostly likely is the requirement for EVs to be assembled in the US in a union factory to qualify for an additional $4,500 tax credit. Tax Credit Becomes Refundable.

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EV Tax Credit: The Guide Your Car Dealer Doesn’t Want You To Read

EV Life

You should consult your own tax, legal and accounting advisors before engaging in any transaction. Federal EV Tax Credit To accelerate the adoption of electric vehicles (EVs) and plug-in hybrids (PHEVs), the US Government offers a federal EV tax credit of up to $7500 to anyone purchasing or leasing an electric car.

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81% of EVs Sold in 2023 Still Qualify for the Federal EV Tax Credit

EV Life

The Inflation Reduction Act of 2022 (IRA) introduced new guidelines for a federal EV tax credit aimed at helping qualified drivers purchase an electric vehicle. The tax credit is part of a broader plan to make 50% of new vehicles sold in the United States hybrids or plug-ins by 2030. dependence on China.

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GM says EV hurdles are ‘not an issue now’ as new models roll out

Baua Electric

However, CEO Mary Barra says those bottlenecks are a thing of the past as new models like the Chevy Equinox , Blazer, and Silverado EVs hit the market. After ending the Chevy Blazer EV stop sale in March, GM introduced significantly lower prices. The lowest-priced (2LT FWD) model currently starts at $43,295.

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GM hints at an affordable Chevy Camaro EV: A $35,000 real electric pony car?

Baua Electric

The report also mentioned the possibility of a “mid-price” flagship electric sports car “loosely linked to the C9 Corvette in content.” He hinted it could be priced around $35,000, similar to the new Chevy Equinox EV. With the $7,500 EV tax credit included, prices could fall to as low as $27,500.

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Toyota 3-row EVs, Tesla price cuts, electric G-wagen, airless tires: The Week in Reverse

Baua Electric

Which automaker priced its hardware set allowing its EVs to back up the home? The Tesla Model Y undercuts the Model 3 by $5,000 —for those who are EV tax credit eligible—under the latest round of Tesla price cuts made last weekend. It might also be EV tax-credit-eligible while other Model 3 versions aren’t.

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