These GM and Ford EVs Will Lose Their Tax Credit On January 1 2024

These GM and Ford EVs Will Lose Their Tax Credit On January 1 2024

These GM and Ford EVS will lose their tax credit on January 1 2024 now that the rules around the changing Electric Vehicle tax credits have been finalized we know more about what cars will and won’t qualify for them come January 1st 2024 for now at least quite a few models

From General Motors Ford and even Tesla will lose their credits GM said yesterday it expects the Cadillac lure and Chevrolet Blazer EV to lose eligibility for the US evv tax credit starting next year albeit only temporarily according to a Detroit news report the tax credits are changing

Again in January the tax credit system which in January 2023 applied to almost every evv on sale is now being slimmed down to prioritize cars whose battery material materials aren’t made in what the US government calls a foreign entity of concern specifically China and due to China’s

Power over the EV supply chain that impacts quite a few cars but automakers are quickly working to rectify that problem after reviewing treasury’s long-awaited proposed guidance we believe the Cadillac L and Chevrolet Blazer EV will temporarily lose eligibility for the clean vehicle credit on January 1st 2020 before because of two minor components

GM spokesperson Liz winter said in a statement to inside EVS the components in question are separators and electrolytes according to the Detroit news story while we await final rules GM has pulled ahead sourcing plans for qualifying components in early 2024 and will advocate for our dealers and customers who purchase Vehicles

Built ahead of the new guidance winter added GM said it expects both electric SUVs to qualify for the credit again in early 2024 without providing a timeline the company added that the Chevrolet Equinox EV Chevrolet Silverado EV GMC Sierra EV and Cadillac optic produced after the sourcing change will

Be eligible for the full incentive mind you the Chevrolet bolt EV and bolt euv will remain eligible for the credit come January 1 1st 2024 interestingly GM said it is committed to providing the equivalent EV tax credit purchase amount for any vehicles that became ineligible due to the new guidelines beginning in January

According to a letter to dealers signed by John Roth vice president of Cadillac and Scott Bell vice president of Chevrolet and seen by the Detroit news in other words at least for now it sounds like GM is going to give a similar discount to EVS until it sorts out the battery

Issues we’ll provide information on that as we get it Ford is also losing eligibility for some key EVS the automaker announced that the etrit electric van and Mustang Mach e will lose the $3,750 tax credit in 2024 while the Lincoln Aviator Grand Touring plugin hybrid will also lose the

$7,500 incentive the F-150 Lightning will remain eligible for a $7,500 tax credit while the Ford Escape and Lincoln Corsair Grand Touring plug-in hybrids will retain a $3,750 incentive as for stellantis it doesn’t expect any changes for its plug in hybrids the Chrysler Pacifica minivan should continue to qualify for a

$7,500 credit while the Jeep Wrangler and Grand Cherokee 4zs SUVs should retain a $3,750 incentive meanwhile even Tesla is impacted by these changes we know that the rwd and long rrange variants of the Tesla Model 3 will lose the $7,500 incentive in January due to Chinese sourced batteries Tesla has said similar

Reductions may happen to the model y as well there are some upsides to the tax credit next year eligible consumers will get an immediate credit at the point of sale without having to claim it on their taxes it will work like a discount basically however the big downside to

That is that the list of eligible EVS in 20124 is a lot shorter due to new rules on battery components and minerals Source reposted and summarized from Dan mahalu at inside EVS

Now that the rules around the changing electric vehicle tax credits have been finalized, we know more about what cars will and wont qualify for them come January 1, 2024.

More Info Here:
https://www.autohelpers.net/these-gm-and-ford-evs-will-lose-their-tax-credit-on-january-1-2024/

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