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Here's Every EV Qualified For US Tax Credits In 2024BY TYLER...

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    Here's Every EV Qualified For US Tax Credits In 2024

    Tyler Durden's Photo
    BY TYLER DURDEN
    SATURDAY, JAN 27, 2024 - 02:50 PM

    This 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:

    CarVehicle TypeCredit AmountManufacturer's Suggested
    Retail Price Limit
    1Chevrolet Bolt EUVEV$7,500$55,000
    2Chevrolet Bolt EVEV$7,500$55,000
    3Chrysler Pacifica PHEVPlug-in Hybrid$7,500$80,000
    4Ford Escape PHEVPlug-in Hybrid$3,750$80,000
    5F-150 Lightning*EV$7,500$80,000
    6Jeep Grand Cherokee 4xePlug-in Hybrid$3,750$80,000
    7Jeep Wrangler 4xePlug-in Hybrid$3,750$80,000
    8Lincoln Corsair Grand TouringPlug-in Hybrid$3,750$80,000
    9Rivian R1S*EV$3,750$80,000
    10Rivian R1T*EV$3,750$80,000
    11Tesla Model 3 PerformanceEV$7,500$80,000
    12Tesla Model X Long RangeEV$7,500$80,000
    13Tesla 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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