Clean sweep: 6 GM electric vehicles qualify for full $7,500 federal tax credit
What you should consider when buying an electric vehicle
Consumer Reports says 14% more consumers are interested in going electric the next time they buy a car. EVs are often more expensive to buy but experts say they can reduce your costs per mile. FOX 26 Consumer Reporter Heather Sullivan has Smart Sense on what to consider when going electric.
All six of the General Motors electric vehicle models with prices that qualify them for the new federal EV purchase tax credits will be eligible for the full $7,500 amount.
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The Treasury Department has released the list of 22 models that qualify for all or part of the credit.
The new rules set thresholds of $55,000 for cars and $80,000 for trucks and SUVs and require that the batteries are assembled in North America with at least 40% of their critical minerals sourced locally or from U.S. free trade partners.
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A $3,750 credit is available for vehicles with North American-made battery packs that do not meet the mineral sourcing requirements.
The Cadillac Lyriq, Chevrolet Bolt EV, Chevrolet Bolt EUV, Chevrolet Equinox EV, Chevrolet Blazer EV and Chevrolet Silverado EV trims come in under the price caps will get the full amount, but some fall outside the price range, as do the GMC Hummer EV pickup and SUV.
A GM spokesman told FOX Business its broad eligibility is largely the result of "early investments in battery cell manufacturing and localizing that to the U.S. through our Ultium Cells LLC joint venture with LG Energy Solution, as well as our strong partnership with current supply partners."
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Electric vehicles can also qualify for the $7,500 amount when leased without regard to content sourcing under commercial vehicle rules.
Among the other electric vehicles that will get the full purchase credit are the Ford F-150 Lighting and Mustang Mach-E; the Lincoln Navigator Grand Touring; the Chrysler Pacifica PHEV; the Tesla Model 3 Performance; and all three versions of the Tesla Model Y.
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Many automakers have accelerated their investments in U.S. and North American electric vehicle manufacturing in order to take advantage of the new tax credit program, which runs through 2032.