Ford, GM And Tesla EVs Losing Tax Credits In 2024
If you’ve been waiting to buy an electric car, you might want to speed things up.
Several Ford, GM and Tesla EVs will be losing their federal electric vehicle purchase tax credit eligibility on January 1.
The program’s rules on foreign-sourced battery components are being tightened up more than originally expected, which has disqualified a number of models.
Tesla’s cheapest offerings, the Model 3 Rear-Wheel Drive and Model 3 Long Range, will lose the entire $7,500 credit and deliveries must be made by December 31st to retain eligibility, a purchase order isn’t sufficient.
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Ford told Automotive News that the E-Transit van, Mach-E and Lincoln Aviator Grand Touring plug-in hybrid will lose their $3,750 tax credits, but the F-150 Lighting and Lincoln Corsair Grand Touring will keep their credits of $7,500 and $3,750, respectively.
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General Motors is in the odd position of having the Chevrolet Bolt and Bolt EUV that will be out of production by the end of this year as the only vehicles that will be eligible on January 1.
Leftovers will still get the full $7,500 amount, while the Chevrolet Blazer and Silverado EV, along with the Cadillac Lyriq, will lose the entire credit until two parts can be replaced in the battery pack.
GM told Automotive News it hopes to have the situation rectified early in the year and in time for the Chevrolet Equinox and Cadillac Optiq, which are are being added to the lineup later on, to be eligible.
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The credits only apply to cars with MSRPs of less than $55,000, or SUVs and Trucks less than $80,000, but can be applied to leases even on most vehicles ineligible for the purchase credit.
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