General Motors is offering a $7,500 incentive for eligible electric vehicles (EVs) whose owners mistakenly thought they qualified for the federal EV tax credit, but actually missed the mark due to production caps or other factors. Following the exclusion of multiple GM electrical fashions, a new development emerges this week.
GM plans to offer a $7,500 incentive on select electric vehicles that don’t qualify for federal tax credits?
Two weeks ago, General Motors announced that its newly launched Chevrolet Blazer EV and Cadillac Lyriq would no longer be eligible for the US electric vehicle tax credit starting early next year, specifically in January 2024.
According to General Motors, the temporary hindrance stems from two isolated component issues within the Electric Vehicle lineup. Despite the lack of precise details being discussed.
The corporation stated that all electric vehicles (EVs) below a certain value cap would qualify, effectively leaving only the Chevy Bolt EV, whose production is set to conclude. General Motors’ various electric models, including the GMC Hummer EV, start at a price point exceeding the $80,000 mark for SUVs and pickup trucks.
Following a recent shift in sourcing strategies, General Motors anticipates that its upcoming electric vehicles (EVs), including models akin to the Chevrolet Equinox, GMC Sierra Denali, and Cadillac OPTIQ, will meet the eligibility criteria for the full $7,500 federal tax credit.
Until then, Game Masters will cover the gap to sustain patronage. General Motors has notified its dealerships that they will offer the same electric vehicle tax credit incentives for all models that no longer qualify under the revised guidelines.
Additional measures were instituted to qualify electric vehicles for consideration. Imports of electrical fashion items featuring battery components sourced from a country of strategic concern, namely China, experienced a sudden loss of compliance on January 1st. As of 2024, a mere 13 EVs meet the criteria for earning a credit score.
Here are different Electric Vehicles (EVs) whose misplaced eligibility includes the Tesla Model 3 RWD and LR, Volkswagen ID.4, Ford Mustang Mach-E, and Nissan LEAF.
Tesla confirms that all Mannequin Y variants are eligible for the full $7,500 federal tax credit. The adjustments enable declaration of the credit score at the point of sale with participating sellers, rather than stating it in your tax return.
Electrek’s Take
Despite temporarily halting production of certain electric vehicles, including the Equinox, Silverado RST, and GMC Sierra Denali, General Motors is eager to avoid further falling behind as the industry transitions to electric powertrains.
The Tesla Model Y, the world’s top-selling vehicle, still meets the full credit requirements. The electric vehicle (EV) division’s CEO shattered another sales record by offering 1.81 million EVs last year, a whopping 38% increase over 2022.
Ford’s F-150 Lightning has emerged as the best-selling electric pickup truck following a record-breaking fall season. Meanwhile, foreign automakers such as Hyundai and Volvo are gearing up for a blockbuster year, with highly anticipated electric vehicles (EVs) like the Volvo EX30, starting at $35,000, set to roll out.
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