Here are 14 electric vehicles that might qualify for new tax breaks under the climate bill




  • In Politics
  • 2022-08-13 11:05:00Z
  • By Business Insider
The 2022 Rivian R1T.
The 2022 Rivian R1T.  
  • Electric vehicles from Tesla, Ford, and General Motors might qualify for new $7,500 tax breaks.

  • The climate bill has price and manufacturing requirements that disqualify most current models.

  • Some automakers are pushing for delays until they can shift supply chains away from Asia.

Electric vehicle makers, advocates, and market analysts have been poring over the massive climate bill to understand what models might be eligible for up to $7,500 in tax credits at the time of purchase.

There are now more than 70 battery-powered, plug-in hybrid, and fuel-cell electric vehicles available. But once President Joe Biden signs the Inflation Reduction into law, any vehicle that isn't assembled in North America no longer qualifies - eliminating 70% of what's on the market, said Auto Innovators Alliance President John Bozzella.

By the beginning of 2023, further restrictions on price and where battery components are manufactured and mined take effect. Only SUVs, vans, and pickups priced below $80,000, and cars below $55,000, will qualify.

A vehicle's battery also must be made with a certain amount of parts and critical minerals either sourced in North America or from countries with which the US has a free-trade agreement. This rules out China, where the vast majority of minerals and battery components are now sourced from, according to the International Energy Agency.

In the meantime, some EV companies including Rivian are trying to get ahead of the new requirements by working with customers to sign a contract now for an SUV or truck. Rivian, Ford, and other automakers have hiked EV prices this year due to rising demand and higher costs.

The battery criteria makes the equation more complicated. Bozzella said no models will meet those requirements in the first few years. He encourages Congress to adjust its approach, while other EV advocates say supply chains are already shifting away from Asia and automakers will adapt in enough time to benefit consumers before 2032, when the provisions expire.

There are 14 current and forthcoming vehicles that could qualify for the tax credits based on their price tag and assembly in North America, according to Consumer Reports:

Cadillac Lyriq

The All-Electric Cadillac LYRIQ
The All-Electric Cadillac LYRIQ  

Chevrolet Blazer EV

The Chevrolet Blazer EV electric SUV.
The Chevrolet Blazer EV electric SUV.  

Chevrolet Bolt

A red Chevrolet Bolt
A red Chevrolet Bolt  

Chevrolet Bolt EUV

The 2022 Chevrolet Bolt EUV.
The 2022 Chevrolet Bolt EUV.  

Chevrolet Silverado EV

A blue Chevrolet Silverado EV
A blue Chevrolet Silverado EV  

Ford F-150 Lightning

Ford F-150 Lightning. Starting at $47,000.Ford
Ford F-150 Lightning. Starting at $47,000.Ford  

Ford Mustang Mach-E

A white Ford Mustang Mach-E at a charger in a parking lot.
A white Ford Mustang Mach-E at a charger in a parking lot.  

Nissan Leaf

Nissan Leaf at a EV charging station
Nissan Leaf at a EV charging station  

Rivian R1T

The 2022 Rivian R1T.
The 2022 Rivian R1T.  

Rivian R1S

The Rivian R1S.
The Rivian R1S.  

Tesla Cybertruck

Tesla Cybertruck. Starting at $39,00.Frederic J. Brown/AFP
Tesla Cybertruck. Starting at $39,00.Frederic J. Brown/AFP  

Tesla Model 3

The Tesla Model 3.
The Tesla Model 3.  

Tesla Model Y

Tesla Model Y. Starting at 65,990.Tesla
Tesla Model Y. Starting at 65,990.Tesla  

Volkswagen ID.4

The Volkswagen ID.4 electric SUV.
The Volkswagen ID.4 electric SUV.  
COMMENTS

More Related News

EV charging deals keep coming, Ford squeezed by shortages and Kitty Hawk shuts down
EV charging deals keep coming, Ford squeezed by shortages and Kitty Hawk shuts down

One item on the menu that I can talk about is the Mercedes EQB, an all-electric SUV that should be landing in dealer lots any day now. Acton, which you may remember purchased docking and charging startup Duckt some months back, has begun rolling out is docking/charging stations across Paris. Travis VanderZanden lost his post as CEO of Bird just three months after he stepped down as the scooter company's president.

Electric car charging costs nearing petrol prices for some - RAC
Electric car charging costs nearing petrol prices for some - RAC

The RAC suggests the soaring cost of charging an electric car could soon put people off buying them.

Ford
Ford's electric drive reinvents historic Michigan factory

Construction crews are back at Dearborn, remaking Ford's century-old industrial complex once again, this time for a post-petroleum era that is finally...

Ford Had to Delay Some Cars Because It Ran Out of Ford Badges
Ford Had to Delay Some Cars Because It Ran Out of Ford Badges

Supply chain issues come in man shapes and sizes.

Leave a Comment

Your email address will not be published. Required fields are marked with *

Cancel reply

Comments

  • Glenna
    (2022-08-14 08:57:09Z)

    ERPPREP.COM is offering Best apply tests for SAP FICO certification.

    REPLY

Top News: Politics