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Biden Administration mulls over reprieve from EV tax credits for automakers

Teslarati

One of the biggest concerns about the IRA’s requirements for EV tax credit eligibly regards battery packs, cells, and the materials used to manufacture them. In March, the United States Department of Treasury published the battery sourcing guidance, which automakers must comply with to reap the tax credits from the IRA.

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Volkswagen ID.4 with SK ON battery components eligible for full $7,500 tax credit in 2024

Teslarati

4 units with SK On battery components qualify for the Inflation Reduction Act’s (IRA) full $7,500 federal tax credit for electric vehicles. 4 units with batteries from SK On qualify for federal tax credits. 4 EV may choose to apply the tax credit as a down payment for the vehicle. The 2023 ID.4 Only VW ID.4

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Hyundai says its first EV plant will open this year to gain the $7,500 tax credit

Baua Electric

According to Hyundai Motor America CEO Jose Munoz, the brand is “pulling ahead” to gain eligibility for the $7,500 EV tax credit. The site “is advancing ever day,’” according to Oscar Kwon CEO of the Hyundai Motor Group Metaplant America (HMGMA). Munoz said EVs produced at the new plant will qualify for the tax credit.

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Hyundai says EVs are ‘top priority’ in the US with massive $7.6B Metaplant opening soon

Baua Electric

Hyundai Motor Group CEO Chang Jae-hoon confirmed EVs are “the top priority” in the US as construction on its massive $7.59 The comments come as construction on the Hyundai Motor Group Metaplant America (HMGMA) is expected to be complete in Q4 2024. You can use our links below to find deals on Hyundai’s EVs at a dealer near you.

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News: 2023 Genesis Electrified GV70 AWD

Clean Fleet Report

News: 2023 Genesis Electrified GV70 AWD First Genesis Built in the U.S. Is an EV Genesis, the luxury division of Hyundai Motor Group, began this past week producing its first model in the United States at the sprawling HMG factory in Montgomery, Alabama. The Electrified GV70 comes in two trim levels. Story by John Faulkner.

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Mullen Automotive scores $150 million in new capital, will put Bollinger B4 into production – Charged EVs

Baua Electric

Mullen has announced several tidbits of good news of late. The trucks are also eligible for federal EV tax credits of up to $7,500. The company expanded its commercial dealer network with the addition of Pritchard EV and National Auto Fleet Group.

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Hyundai fast-tracks start of EV production in the US as it gains recognition with its own day

Baua Electric

Hyundai announced its fast-tracking production at its Hyundai Motor Group Metaplant America (HMGMA) in Georgia. Hyundai initially planned to begin production early next year, but the automaker is plowing ahead with the $7,500 federal tax credit on the line. Once up and running, Hyundai expects to build 300,000 EVs annually.

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