GM electric vehicles will be eligible for $7,500 tax rebate — in 2-3 years
buyers to claim a federal tax credit. While it removed caps on how many vehicles a manufacturer could sell before no longer being eligible for the credit, it created a set of manufacturing and content restrictions that a number of carmakers have been contesting since the ink dried. The most debated elements of the IRA in this regard are: . The minimum amount starts at 40% in 2023, climbing 10% every year.
When an OEM satisfies the first two requirements, buyers of its EVs can claim the full $7,500 credit for up to 10 years after eligibility begins. If an OEM satisfies just the 50% battery manufacturing portion, buyers of its EVs can claim $3,750. There will be a pause on widescale full tax credits while automakers decide on their manufacturing plans and establish supply agreements that would qualify them, then build the facilities and get materials on ships and trains.
GM plans to launch 30 new EVs by 2030, and within two years from now anticipates having at least six under the MSRP threshold depending on their classifications as a car or SUV — the Cadillac Lyriq, the Chevrolet Equinox EV, Blazer EV, entry trims of the Silverado EV, a Chevrolet EV below the Equinox that could be the replacement for the Bolt, and entry trims of the GMC Sierra EV.
eventually, we still don't know where the coming Buick EV will land, nor when the Cadillac Optiq and Symboliq will arrive. The new Ultium-based EVs on the way before then are too expensive to qualify. will be important because of GM's BrightDrop van division."We also think there's a significant opportunity to potentially leverage the tax credit of up to $45 per kilowatt hour with respect to battery cells and battery modules produced in the U.S.," she said.
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