GM EV’s won't qualify for full tax credits until 2024

[MisterSofa]

https://www.pcmag.com/news/gm-evs-wont-qualify-for-full-tax-credit-hit-production-targets-until-2024

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[4sallypat]

Wow, only half credit for 2023 purchases.

Well it's better than nothing since they ran out on the old tax credits.

Wonder where Ford will fall in for their MME - half or full credit for 2023..

 

[Scooby24]

Wow, only half credit for 2023 purchases.

Well it's better than nothing since they ran out on the old tax credits.

Wonder where Ford will fall in for their MME - half or full credit for 2023..

Here's what Farley said a couple days ago. The key word is "Some". Is he referencing LFP plans? Not sure..

Next year, we believe we’ll meet the $3,750 critical minerals credit requirement on certain Mustang Mach-E and F-150 Lightning models. In ’24, the rules will further restrict this critical materials credit. So, we believe it’s a fairly level playing field right now for all the OEMs as our supply chain of critical minerals extracted or processed in the US and FTA develops.

 

[4sallypat]

Here's what Farley said a couple days ago. The key word is "Some". Is he referencing LFP plans? Not sure..

Next year, we believe we’ll meet the $3,750 critical minerals credit requirement on certain Mustang Mach-E and F-150 Lightning models. In ’24, the rules will further restrict this critical materials credit. So, we believe it’s a fairly level playing field right now for all the OEMs as our supply chain of critical minerals extracted or processed in the US and FTA develops.

How would Tesla fare ?

Since Tesla also ran out of the old tax credits like GM did - will 2023 give them back full $7500 credit ?

 

[phil]

How would Tesla fare ?

Since Tesla also ran out of the old tax credits like GM did - will 2023 give them back full $7500 credit ?

Tesla is the undisputed industry leader in exploiting government subsidies. I would bet big money they will be the first to capture the full amount.

 

[SWO]

How would Tesla fare ?

Since Tesla also ran out of the old tax credits like GM did - will 2023 give them back full $7500 credit ?

I think only the Base Model 3 and Model Y come in under the MSRP cap.

 

[superdave80]

The whole idea that the government is giving out $7500 to encourage people to buy EVs when THERE ARE MONTHS LONG WAITS TO BE ABLE TO BUY THESE EVs is ridiculous. More vote buying on our kids' financial backs.

 

[Socalsp3]

The whole idea that the government is giving out $7500 to encourage people to buy EVs when THERE ARE MONTHS LONG WAITS TO BE ABLE TO BUY THESE EVs is ridiculous. More vote buying on our kids' financial backs.

it's more about encouraging the manufacturers to produce EVs. If they can't make a profit on evs due to supply issues they would just keep making ICE instead.

people are waiting months for ice cars also due to parts shortage

 

[4sallypat]

I think only the Base Model 3 and Model Y come in under the MSRP cap.

Funny, my boss after looking at my Ford EV, wanted one as he is Ford fanatic.

But since he could not find one, he got a Tesla 3 w/ Autodrive option $60K.
His 6 week order sped up to 2 weeks and just got it this week.

Guess I shouldn't tell him about his Tesla is ineligible for tax credit.

 

[superdave80]

it's more about encouraging the manufacturers to produce EVs. If they can't make a profit on evs due to supply issues they would just keep making ICE instead.

people are waiting months for ice cars also due to parts shortage

The tax credits do not affect dealer profits one single cent if all of the EVs they produce are being sold. There are already monetary incentives by the government to produce EVs instead of ICE vehicles that go directly to the manufacturers (Tesla makes a big chunk of money off of these).

And Tesla already had months long waits before supply chain issues. There was zero reason to waste taxpayer money on these new tax credits.

 

[nmope]

Confused...do 2022 models until the end of this calendar year qualify?

 

[generaltso]

Confused...do 2022 models until the end of this calendar year qualify?

GM vehicles don’t. They ran out of tax credits under the old 200k quota.

 

[Socalsp3]

The tax credits do not affect dealer profits one single cent if all of the EVs they produce are being sold. There are already monetary incentives by the government to produce EVs instead of ICE vehicles that go directly to the manufacturers (Tesla makes a big chunk of money off of these).

And Tesla already had months long waits before supply chain issues. There was zero reason to waste taxpayer money on these new tax credits.

Apparently the incentives didn't go far enough because the only maker until recently was Tesla. The credits encourage manufacturers to build EVs in the US/NA. You're going to see the Chinese flood the US market with EVs if you don't encourage US manufacturers to make EVs now.

We're wasting $20 billion every year for the last 30 years subsidizing fossil fuel and will continue to do so. Why aren't you complaining about that too.

 

[4sallypat]

Here's what Farley said a couple days ago. The key word is "Some". Is he referencing LFP plans? Not sure..

Next year, we believe we’ll meet the $3,750 critical minerals credit requirement on certain Mustang Mach-E and F-150 Lightning models. In ’24, the rules will further restrict this critical materials credit. So, we believe it’s a fairly level playing field right now for all the OEMs as our supply chain of critical minerals extracted or processed in the US and FTA develops.

So my MME order that got pushed into MY'23 will only get half tax credit ?

Bummer!

At least the price tag of the '23 MME will be '22 thanks to the transitional private cash offer.

 

[generaltso]

So my MME order that got pushed into MY'23 will only get half tax credit ?

Bummer!

At least the price tag of the '23 MME will be '22 thanks to the transitional private cash offer.

If it gets delivered this year, it will still qualify for the $7500 tax credit. If it doesn‘t get delivered until 2023, it’s possible that it will only qualify for half. It’s also possible that secretary guidance doesn‘t come out by then, and it still qualifies for the full credit. There’s no way to know at this point.

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