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Biden Administration mulls over reprieve from EV tax credits for automakers

Teslarati

One of the biggest concerns about the IRA’s requirements for EV tax credit eligibly regards battery packs, cells, and the materials used to manufacture them. In March, the United States Department of Treasury published the battery sourcing guidance, which automakers must comply with to reap the tax credits from the IRA.

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Volkswagen ID.4 with SK ON battery components eligible for full $7,500 tax credit in 2024

Teslarati

4 units with SK On battery components qualify for the Inflation Reduction Act’s (IRA) full $7,500 federal tax credit for electric vehicles. 4 units with batteries from SK On qualify for federal tax credits. 4 EV may choose to apply the tax credit as a down payment for the vehicle. The 2023 ID.4 Only VW ID.4

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Hyundai says its first EV plant will open this year to gain the $7,500 tax credit

Baua Electric

According to Hyundai Motor America CEO Jose Munoz, the brand is “pulling ahead” to gain eligibility for the $7,500 EV tax credit. The site “is advancing ever day,’” according to Oscar Kwon CEO of the Hyundai Motor Group Metaplant America (HMGMA). Munoz said EVs produced at the new plant will qualify for the tax credit.

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Hyundai Brand News for 2024 and 2025

Clean Fleet Report

headquarters for the Hyundai Motor Group. New Charging Standard Hyundai adds NACS Beginning in Q4 2024, all Hyundai electric models will use the North American Charging Standard (NACS) that will give Hyundai owners access to more than 17,000 Tesla Superchargers in North America. tax credit at start of sale.

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Audi slashes EV interest rates, but Tesla Y can cost a lot less

Baua Electric

A recent dealer bulletin showed 0.99% financing on all 2024 Audi EVs for up to 60 months, compared to rates of 2.99% to 6.49% for most of the brand’s other models. With the tax credit factored in, CarsDirect estimates a $680 monthly payment for a 60-month financing term on a Tesla Model Y Long Range AWD.

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News: 2023 Genesis Electrified GV70 AWD

Clean Fleet Report

News: 2023 Genesis Electrified GV70 AWD First Genesis Built in the U.S. Is an EV Genesis, the luxury division of Hyundai Motor Group, began this past week producing its first model in the United States at the sprawling HMG factory in Montgomery, Alabama. The Electrified GV70 comes in two trim levels. Story by John Faulkner.

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Hyundai fast-tracks start of EV production in the US as it gains recognition with its own day

Baua Electric

Hyundai announced its fast-tracking production at its Hyundai Motor Group Metaplant America (HMGMA) in Georgia. Hyundai initially planned to begin production early next year, but the automaker is plowing ahead with the $7,500 federal tax credit on the line. Once up and running, Hyundai expects to build 300,000 EVs annually.

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