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IRA EV tax credits winning over more auto dealers in 2024

Teslarati

According to the United States (US) Treasury Department, more auto dealers are signing up for the point-of-sale electric vehicle tax credit. In November 2023, the US Treasury announced that car dealers would receive direct tax credit payments, enabling them to offer customers immediate rebates at the point of sale.

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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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Dealers Finally Have EV Inventory But Now Lack Buyers

The Truth About Cars

Axios recently highlighted the issue and found that dealers have EV inventory sitting on their lots for extended periods, suggesting that supply is significantly outpacing demand. Part of the issue with some EV models is their sky-high price tags, and the most expensive models aren’t eligible for government tax credits.

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VW says ‘most’ 2023, 2024 ID.4s will get full $7,500 EV tax credit

Baua Electric

4s will qualify for the full US EV tax credit in 2024 – here’s the lowdown on eligibility. 4s with US-manufactured SK On battery components placed in service in 2024 will be eligible for the full $7,500 federal tax credit. AWD cars and 62 kWh Standard and S trims have SK-supplied batteries. VW 2023 and 2024 ID.4s

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Tesla led the EV market closer to ICE price parity in 2023: Cox

Teslarati

Sticker prices on electric vehicles (EVs) continued to trend downward in 2023 toward price parity with gas cars, as led by price cuts from market leader Tesla. The data shows that the average sticker price of a Tesla dropped throughout the year to reach $50,051 in December.

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EV Tax Credit: The Guide Your Car Dealer Doesn’t Want You To Read

EV Life

Federal EV Tax Credit. To accelerate the adoption of electric vehicles (EVs) and plug-in hybrids (PHEVs), the US Government offers a federal EV tax credit of up to $7500 to anyone purchasing or leasing an electric car. The tax credit depends on the manufacturer you choose and vehicle battery.