Here's Every EV Qualified For US Tax Credits In 2024
BY TYLER DURDENSATURDAY, JAN 27, 2024 - 02:50 PMThis year, thelist of qualified electric vehicles (EVs)for U.S. tax credits isrelatively small.
Many popular modelslike the Nissan Leaf, Ford Mustang Mach-E, and some Tesla Model 3s aremissing-largely due to new battery sourcing rules.With stricter rules coming into effect, the number of models is dropping from 43 to 13.
Visual Capitalist's Marcus Lu created the following graphicto show the qualifying EV models in 2024, based on data from FuelEconomy.gov.
Which EVs Made the List?
Here are the EVs that are eligible for a U.S. tax credit of up to $7,500 at the point of sale:
Car Vehicle Type Credit Amount Manufacturer's Suggested
Retail Price Limit1 Chevrolet Bolt EUV EV $7,500 $55,000 2 Chevrolet Bolt EV EV $7,500 $55,000 3 Chrysler Pacifica PHEV Plug-in Hybrid $7,500 $80,000 4 Ford Escape PHEV Plug-in Hybrid $3,750 $80,000 5 F-150 Lightning* EV $7,500 $80,000 6 Jeep Grand Cherokee 4xe Plug-in Hybrid $3,750 $80,000 7 Jeep Wrangler 4xe Plug-in Hybrid $3,750 $80,000 8 Lincoln Corsair Grand Touring Plug-in Hybrid $3,750 $80,000 9 Rivian R1S* EV $3,750 $80,000 10 Rivian R1T* EV $3,750 $80,000 11 Tesla Model 3 Performance EV $7,500 $80,000 12 Tesla Model X Long Range EV $7,500 $80,000 13 Tesla Model Y* EV $7,500 $80,000 *F-150 Lightning includes Standard and Extended Range models. R1S includes Dual and Quad Motor models. R1T includes Dual, Performance Dual, and Quad Motor models. Model Y includes RWD, AWD, and Performance models.
The good news is that getting the discount is now easier for customers.
Instead of filling out tax paperwork to receive the tax credit, buyers will automatically get the discount at participating dealerships at the time of purchasing.
Additionally, models eligible for a partial credit of $3,750 include Rivian EVs along with plug-in hybrids from Jeep, Ford, and Lincoln.
Ultimately, the tax credit is designed to encourage people to switch to EVs and purchase models that are sourced in America. Overall, it is part of a wider plan to boost manufacturing and clean energy investment across the country.
U.S. EV Manufacturing Push
Several automakers are ramping up investment in American battery plants.
In October 2023, Toyota announced it was investing an additional $8 billion in its North Carolina battery plant, adding 3,000 new jobs.
Along with this, Ford is constructing a 3,600 acre facility for battery manufacturing and EV production, valued at $5.6 billion. By 2026, it is targeting to make 500,000 electric trucks annually. Located in Tennessee, the mega-campus is set to create 6,000 new jobs.
Still, Ford is scaling back EV investment, citing a reluctance among customers to pay a premium for electric models. The United Auto Workers deal, estimated to cost Ford $8.8 billion, likely impacted EV investment plans.
The cost of EV batteries can range from around $8,000 to over $22,000.
Automakers including Lucid, General Motors, Honda, Nissan, and Stellantis (Chrysler’s parent company) are all building, or plan to build, battery facilities in the country.
https://www.zerohedge.com/technology/heres-every-ev-qualified-us-tax-credits-2024
If US auto makers don't source locally it will difficult for them to remain competitive.
And with regards to Ford Id be surprised if they survive the next couple of years, I read somewhere that the unions were demanding $75h Australian equivalent base pay rate for production line workers, no wonder they cut back EV production.
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