Just over a dozen fully electric vehicles are eligible for a $7,500 tax credit in the U.S. from Tuesday, after the fresh guidance on battery sourcing issued by the Treasury Department last month.
What Happened: As per an updated list of EVs eligible for tax credit released by the U.S. Treasury Department on Monday, only cars by automakers General Motors Co GM, Ford Motor Co F, Stellantis NV STLA and Tesla Inc TSLA will qualify for $7,500 tax credit.
| Make | Model | Year | Credit Amount | MSRP Limit |
| Cadillac | LYRIQ | 2023-2024 | $7,500 | $80,000 |
| Chevrolet | Blazer | 2024 | $7,500 | $80,000 |
| Bolt | 2022-2023 | $7,500 | $55,000 | |
| Bolt EUV | 2022-2023 | $7,500 | $55,000 | |
| Equinox | 2024 | $7,500 | $80,000 | |
| Silverado | 2024 | $7,500 | $80,000 | |
| Ford | E-Transit | 2022-2023 | $3,750 | $80,000 |
| F-150 Lightning (Extended Range) | 2022-2023 | $7,500 | $80,000 | |
| F-150 Lightning (Standard Range) | 2022-2023 | $7,500 | $80,000 | |
| Mustang Mach-E (Extended Range) | 2022-2023 | $3,750 | $80,000 | |
| Mustang Mach-E (Standard Range) | 2022-2023 | $3,750 | $80,000 | |
| Tesla | Model 3 Performance | 2022-2023 | $7,500 | $55,000 |
| Model 3 Standard Range Rear Wheel Drive | 2022-2023 | $3,750 | $55,000 | |
| Model Y All-Wheel Drive | 2022-2023 | $7,500 | $80,000 | |
| Model Y Long Range All-Wheel Drive | 2022-2023 | $7,500 | $80,000 | |
| Model Y Performance | 2022-2023 | $7,500 | $80,000 |
Vehicles manufactured by Bayerische Motoren Werke AG BMWYY, Nissan Motor Co Ltd NSANY, Rivian Automotive Inc RIVN, Hyundai Motor Co HYMTF, Volvo AB VLVLY and Volkswagen AG VWAGY were discarded from the list.
Among plug-in hybrid electric vehicles, only Stellantis‘ Chrysler Pacifica PHEV and Ford‘s Lincoln Aviator Grand Touring are eligible for full credit.
Prior to the new guidance, around 40 models from 21 different makers were eligible for tax credits.
Under the new guidelines, the credit amount will depend on whether the vehicle meets the critical mineral and/or battery component requirements. If a vehicle meets both requirements, it may qualify for the full $7,500 credit.
See Also: Everything You Need To Know About Tesla Stock
Several EVs, including Ford Mustang Mach-E and Ford E-Transit, are eligible for a half credit of $3,750. With regards to Tesla Model 3, its Performance Range is eligible for full credit, and Standard Range for half the credit.
Check out more of Benzinga's Future Of Mobility coverage by following this link.
Read Next: Is Tesla Done With Price Cuts? Analyst Shares Expectations Ahead Of Q1 Results
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
