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General Motors , Ford Vehicles to Lose US EV Tax Credits


General Motors , Ford Vehicles to Lose US EV Tax Credits


General Motors , Ford Vehicles to Lose US EV Tax Credits

General Motors said Thursday it expects its Cadillac Lyriq and Chevrolet Blazer EV to temporarily lose eligibility for a U.S. electric vehicle tax credit starting January 1. GM said on January 1 that only its Chevrolet Bolt EV will be eligible for the consumer EV tax credit.

Ford Motor said its E-Transit will lose the $3,750 tax credit on January 1, as will the Mach-E and Lincoln Aviator Grand Touring plug-in hybrid, but its F-150 EV Lighting will keep the $7,500 credit, and the Lincoln Corsair Grand Touring will retain a $3,750 credit.

GM said the two vehicles are losing the credit because of two minor components and added it had pulled ahead sourcing plans for qualifying components in early 2024. GM expects the Lyriq and Blazer EV to regain eligibility in early 2024.

GM said it also expects EVs Chevrolet Equinox EV, Chevrolet Silverado EV, GMC Sierra EV and Cadillac OPTIQ produced “after the sourcing change will be eligible for the full incentive.” This month, the U.S. Treasury issued guidelines detailing new battery sourcing restrictions that take effect January 1 and are aimed at weaning the U.S. electric vehicle supply chain away from China.

GM said, “Treasury proposed strict rules disqualifying all EVs with certain foreign battery content including low-value components, which means most EVs will not be eligible beginning on January 1.”

The automaker said last week that Tesla’s Model 3 Rear-Wheel Drive and Long Range vehicles will also lose federal tax credits starting January 1.

The article above mentioned sourced from Reuters. The views and opinions expressed in this story are those of the Reuters Service. For more stories, visit Nada Used Car Value. We provide updated news and trends regularly.

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