So Is It Final - Will 2024 Equinox get full EV Tax Credit?

568 Views 13 Replies 5 Participants Last post by Steverino, 25 d ago

NoBugsPlease

Discussion Starter · 27 d ago

Potential Equinox customers should know by now if delivered 2024 EV will get full $7,500 come next year. This subject needs "total" conformation on Chevy's part - Dealer's part - NOW.

Last I heard way back when was the Chevy "battery" was still undecided as far as tax credit in 2024. Hopefully that question has been answered and I'v added link for hopeful confirmation.

Only 9 Vehicles Still Qualify for the Full EV Tax Credit

Here's a look at the nine remaining vehicles that still qualify for a full EV tax credit after recent changes to the law.

www.motorbiscuit.com

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Steverino

· #2 · 27 d ago

NoBugsPlease said:
Potential Equinox customers should know by now if delivered 2024 EV will get full $7,500 come next year. This subject needs "total" conformation on Chevy's part - Dealer's part - NOW.

The article you linked to says it does, NoBugs. There are other articles that say the same. GM announced these as well. Regardless, here's a list published by the IRS: Only six EVs still qualify for the $7,500 federal tax credit after new rules go into effect

Maybe I'm not understanding the question?

Also see the "Related Links" below for other threads on this topic.

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NoBugsPlease

Discussion Starter · #3 · 27 d ago

Steverino said:
The article you linked to says it does, NoBugs. There are other articles that say the same. GM announced these as well. Regardless, here's a list published by the IRS: Only six EVs still qualify for the $7,500 federal tax credit after new rules go into effect

Maybe I'm not understanding the question?

Also see the "Related Links" below for other threads on this topic.

Just saying the DOT kept changing wording and timeline for EV tax credit. Then the Treasury department delayed EV tax credit. Then I read Mary (CEO) said Equinox EV might not get full EV credit until 2025 or later. Then I read Equinox battery might not qualify for EV tax credit in 2024 due to being made overseas. ETC.

Maybe the dust has finally settled on this issue, but for too long its been a moving target regarding which vehicle made in North America gets a EV tax credit and which vehicles don't. It would be really nice if GM starts to advertise the 2024 EV Equinox get full $7,500 credit, versus check back in 12 months for update.

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CTAPRN

· #4 · 27 d ago

Cadillac Lyriq
Chevy Bolt
Chevy Bolt EUV
Chevy Equinox EV
Chevy Blazer EV
Chevy Silverado EV

All of these qualify for the full $7500

Others include:

Ford F-150 Lightning
VW ID.4 (all trims)
Tesla Model 3 (Performance)
Tesla Model Y (all configurations except for the newer 4680 battery standard range)

There may be some others I can't recall but all other Ford vehicles qualify for $3750, the non-$7500 Tesla Model 3 and Y versions qualify for $3750 (X and S do not, too expensive), Ford E-Transit, and others I can't think of at the moment

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Evan1

· #5 · 26 d ago

NoBugsPlease said:
Just saying the DOT kept changing wording and timeline for EV tax credit. Then the Treasury department delayed EV tax credit. Then I read Mary (CEO) said Equinox EV might not get full EV credit until 2025 or later. Then I read Equinox battery might not qualify for EV tax credit in 2024 due to being made overseas. ETC.

Maybe the dust has finally settled on this issue, but for too long its been a moving target regarding which vehicle made in North America gets a EV tax credit and which vehicles don't. It would be really nice if GM starts to advertise the 2024 EV Equinox get the full $7,500 credit, versus checking back in 12 months for an update.

KIA announced $7,500 in savings if you lease or $3,500 in savings if you buy.

Kia Slashes EV6 Prices With A $7,500 Discount For Leases And $3,750 For Buyers | Carscoops

Kia is taking advantage of a loophole in U.S. incentives to offer lessees up to $7,500 off their EV6

www.carscoops.com

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Steverino

· #6 · 26 d ago

Leasing is the loophole where any EV can get the $7500 tax credit, provided the leasing company passes the cost savings to the buyer.

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CTAPRN

· #7 · 26 d ago

The question is whether or not they will allow you to buy out the lease right after signing.

EDIT: and whether that final cost is worth it

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Steverino

· #8 · 25 d ago

CTAPRN said:
The question is whether or not they will allow you to buy out the lease right after signing.

EDIT: and whether that final cost is worth it

Yes, read the lease terms carefully and understand what they say, what you are agreeing to. I don't lease, but many, many do.

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CTAPRN

· #9 · 25 d ago

Steverino said:
Yes, read the lease terms carefully and understand what they say, what you are agreeing to. I don't lease, but many, many do.

Same, I prefer to purchase. In the last 15 years, I've only owned 2 cars (technically 3 now that my wife and I bought the ID.4 in December, but she's the primary driver)

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mrcleop

· #10 · 25 d ago

Key thing to note is that the Equinox EV qualifies for the full $7500 tax credit if delivery is taken in 2023. There is no definitive answer for 2024 and beyond. Next year the mineral content requirement rises up to 50% and battery component requirement rises up to 60%. I think my biggest worry for 2024+ is the "foreign entities of concern" clause and how the Treasury interprets it. Starting in 2024, NONE of the battery components can come from a foreign entity of concern and in 2025, none of the battery minerals. This could mean coming from China, or it could mean any company associated with China. And most people won't take delivery of their Equinox EV until 2024.

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Steverino

· #11 · 25 d ago

mrcleop said:
I think my biggest worry for 2024+ is the "foreign entities of concern" clause and how the Treasury interprets it. Starting in 2024, NONE of the battery components can come from a foreign entity of concern and in 2025, none of the battery minerals.

GM's been very active is lining up suppliers, and the stuff isn't limited to US only, there's also the friendly nation (like Canada) or whatever carve out, Mrcleop.

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NoBugsPlease

Discussion Starter · #12 · 25 d ago

mrcleop said:
Key thing to note is that the Equinox EV qualifies for the full $7500 tax credit if delivery is taken in 2023. There is no definitive answer for 2024 and beyond. Next year the mineral content requirement rises up to 50% and battery component requirement rises up to 60%. I think my biggest worry for 2024+ is the "foreign entities of concern" clause and how the Treasury interprets it. Starting in 2024, NONE of the battery components can come from a foreign entity of concern and in 2025, none of the battery minerals. This could mean coming from China, or it could mean any company associated with China. And most people won't take delivery of their Equinox EV until 2024.

That exactly what I'm concerned about because most likely very few Equinox EV's will be build and delivered in 2023 and GM CEO came out seven, eight months ago and said it might be two years before GM EV's qualifies for full tax credit. It's really bogus to say the Equinox qualifies for $7,500 credit this year when GM will only deliver a fraction of EV's (if no production delays) yet when the company ramps up production in 2024 new buyers only get a 3,750 credit.

For some reason I think Biden administration is shooting itself in the foot if they want to increase EV usage, yet won't offer full tax credits to GM EV buyers in 2024.

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mrcleop

· #13 · 25 d ago

Steverino said:
GM's been very active is lining up suppliers, and the stuff isn't limited to US only, there's also the friendly nation (like Canada) or whatever carve out, Mrcleop.

Yes, everyone is lining up suppliers. But this article and referenced NYT article highlights how much China is involved in EV batteries. So I think it’s worth being a bit worried.

If the battery is the key to an EV future, China's got a lock on it - Autoblog

The race to build a better battery for the soon-to-come wave of electric cars has barely begun. But The New York Times has already declared a winner.

www.autoblog.com

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Steverino

· #14 · 25 d ago

mrcleop said:
NYT article highlights how much China is involved in EV batteries.

Of course they are. Their government has made an all out effort with huge incentives to make the country king of batteries. Meanwhile, we have politicians who complain about EV incentives and states that penalize owners...

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