Tesla drops Model Y starting pricebelow average US vehicle Sixteen new models and some of their variations are eligible for all or half of Rivian's first attempt at an SUV skims just under the maximum MSRP threshold to be eligible for the full $7500 tax credit. Barra said a suburban Detroit plant that has produced Chevy Bolts since 2016 will be retooled in preparation for production of electric Chevy Silverado and GMC Sierra trucks scheduled for next year. Its a whole different ballgame from talking about permitting an open-pit lithium mine.. Under revised terms in the inflation reduction act. ago Prototype of self-driving vehicle "Cruise Origin" completed, testing started in the United States So now you should know if your vehicle does in fact qualify for a federal tax credit, and how much you might be able to save. If you owed $10,000 in federal income tax, then you could qualify for the full $7,500 credit.Its important to note that any unused portion of the $7,500 is not available as a refund, nor as a credit for next years taxes.You may also be able to receive money back right away as a point of sale credit, but those terms probably wont kick in until 2024 at the earliest. while the slightly larger Bolt EUV begins at US$27,800 ($42,000). A $7,500 tax credit for purchasers of new electric vehicles is changing again after the U.S. unveiled new guidelines What electric vehicles could qualify for tax credit as of January 1, 2023? With that said, you cannot simply go out and buy an electric vehicle and expect Uncle Sam to cut $7,500 off your taxes in April. Some stock vehicle imagery licensed from EVOX images, 2022 Chevrolet Bolt EUV Driving Notes: The Bigger The Better, 2022 Chevrolet Bolt EUV Review: Cheap, Cheerful, And Cheap, New Transformers: Rise Of The Beasts Trailer Shows Skyline GT-R, Classic VW Bus, Video: 7th Grade Boy Safely Stops Bus After Driver Passes Out At Wheel, Alfa Romeo Baby Crossover Rendered Ahead Of 2024 Release, First-Ever BMW iX2 Production Officially Confirmed To Start Late 2023, Build Your Dream McLaren 750S With Official Online Configurator, Watch World's First Mercedes-AMG One Get Professional Paint Protection, Porsche To Unveil New Car On June 8, Possibly The 911 ST: Report, BMW M3 And M8 Competition Meet In Family Drag Race, New Toyota Boss Hints More GR Sports Cars Are Coming, See Ant-Infested TVR 280i Get Washed, Bug Bombed After Sitting A Decade. Biden has said the US is also negotiating adding the European Union to the list, and others could be added in the future. By hounding his college professors at the University of Wisconsin-Milwaukee, he was able to travel Wisconsin seeking out stories in the auto world before landing his dream job at Car and Driver. GM is stopping Bolt production even though company officials say it's their top-selling electric vehicle. The-CNN-Wire For better or worse, EVs seem to be our future. Not sure if your prospective EV purchase qualifies? Used EVs qualify for less of an overall tax credit and also come with certain income requirements. Rather than basing an EVs qualifications on factors like battery weight or capacity like in years past, the new process measures the overall value of each component or mineral used in the battery supply chain. Thats a milestone that the Bolt models, including a larger EUV version, never were believed to have achieved. To spur interest and make the Bolt more affordable, GM cut the starting prices by as much as $6,300 for the 2022 model year. The Bolt EV would start at $26,595, followed by the Bolt EUV at $28,195. These are the current qualifying terms as laid out in the IRA, however, weve explained how some of these requirements, in particular battery manufacturing in the US, are not currently being enforced. Similarly, leased vehicles can also qualify for a $7,500 tax credit without some of the strict rules about the cars batteries and final assembly, meaning consumers who want more choice on which model to drive could settle on leasing instead of buying outright. It was the first "affordable," long-range EV to market, but it never achieved its stated potential. After, no critical minerals can be extracted, processed, or recycled by an FEOC. "We have progressed so far that it's now time to plan to end the Chevrolet Bolt EV and EUV production, which will happen at the very end of the year," Barra said. A Chevrolet Bolt electric vehicle at the New York International Auto Show in 2022. 2023 CNBC LLC. It's unlikely to cause enthusiasts to shed tears like the Camaro, but we will mourn the loss of America's least expensive electric vehicle. I see sentences that say "current" and I have to wonder if that is truly current or if it's an accidental leftover word from when the article was published months ago. A Division of NBCUniversal. Bay, Sale closed in San Ramon: $1.8 million for a four-bedroom home. What are the EV tax credits? All Rights Reserved. "We have progressed so far that it's now time to plan to end the Chevrolet Bolt EV and EUV production, which will happen at the very end of the year," Barra told investors during an earnings call. Pour one outheck, make it twofor the Chevy Bolt EV and Bolt EUV. The long and sleek Caddy crossover runs on GM's Ultium platform along with big dogs like the GMC Hummer EV, but while that vehicle crashes over sand dunes, the Lyriq glides smoothly through traffic. The minerals could have also been recycled in North America. Some cars that were previously eligible for tax credits were removed under the new rule. When hes not offering the latest tech how tos or insights, hes probably watching Chicago sports. Timeline to qualify is extended a decade from January 2023 to "This moves us up to the second market position and increased our EV market share by 800 basis points.". Consult your tax, legal or accounting professional for personal eligibility based on household income. At the time, there were rumors that the federal tax credit would be increased to $10,000 and was quickly mentioned as a reform. The U.S. Treasury on Mondayreleased a full list of the vehicles with access to U.S. electric vehicle tax credits under new battery sourcing requirements, which benefitcompanies that use battery minerals from the U.S. or itstrading partners and manufacture battery components in North America. Tesla cars sit on a lot in Chicago on March 28, 2022. Nine models, mostly from foreign brands including Hyundai and Nissan, do not qualify for the new tax credit. This benchmark is set to rise to 100%. The R1T's cabin is rife with luxury features and tech, including a large 16.0-inch infotainment system and a separate digital gauge display. However, a workaround exists for people who really, really want an EV that doesnt qualify for the $7,500 tax credit if Why electric vehicles are better than hybrids at fighting climate change: Roadshow Other tax credits available for electric vehicle owners, Find out where an EV is assembled using its VIN, Check out our complete breakdown of state tax incentives, sorted by state, Tax incentives on electric vehicles are worth the research, This is a list of countries with free trade agreements with the US. The US has just a few lithium mines, located in Nevada. Credits apply to plug-in electric vehicles which includes plug-in hybrid EVs and battery electric vehicles (BEVs). ". The Bolt, GM's first mass-market Gallery: 2022 Chevrolet Bolt EV: Review 8 Photos The latest 2023 model year versions are among the most affordable BEVs on the market, especially when deducting the $7,500 federal tax credit. To make matters worse, not all public charging stations work with Nissan's CHAdeMO charging connector. General Motors CEO Mary Barra unveiled the Chevrolet Bolt electric vehicle during the 2016 Consumer Electronics Show in Las Vegas. - Biden is visiting the auto show to highlight electric vehicle manufacturing. However, a workaround exists for people who really, really want an EV that doesnt qualify for the $7,500 tax credit if With a starting price of $79,800 and the EPA designating an $80,000 ceiling, there is no room for optional extras. It's done great things for Chevy, for GM, dealers, customers.". With the reveal of the 2022 Bolt lineup on Sunday, it fixes that grievance with a simple solution: a big price drop of $5,500 at the base level and what Chevy suggested will The Bolt EV, which launched in 2016, is America's cheapest EV at $26,500 (or $19,000 after a $7,500 federal tax credit). Here are the EV models eligible for new tax, Click to share on Facebook (Opens in new window), Click to share on Twitter (Opens in new window), Click to email a link to a friend (Opens in new window), Click to share on Reddit (Opens in new window), First Republic Bank seized, sold to JPMorgan Chase, Here are the EV models eligible for new tax credits up to $7,500, Letters: Walkable streets | Utility rates | Expand boycott | GOP unreality, Tesla drops Model Y starting pricebelow average US vehicle, Opinion: Im ready to trade in my electric car. Chevy is replacing the battery-powered budget options with the upcoming Equinox EV, which will start around $30,000. FordsF-150 leaves tough choices for buyersseeking EVtax credits Any reported annual income below these thresholds should qualify you for some level of tax credit, as long as your new purchase is a qualifying electric vehicle. GM reported $2.37 billion in profit from January through March, up from $1.99 billion in the previous year. The Bolt, along with four other Chevrolet vehicles, is among the vehicles that qualify for the tax break. Chevy will replace the Bolt with the larger and more practical Equinox EV, but that will have a starting price of around $30 grand. Plus, since it's manufactured at the company's Chattanooga, Tennessee, facility, it earns buyers the full tax credit. This is a change from the previous rule, which capped the number of vehicles that could be sold with the tax incentives. 2023 CBS Interactive Inc. All Rights Reserved. If you scrolled through the details above, you may want to consider going back and at least skimming, because there are some major changes to federal tax credits to electric vehicles under the Inflation Reduction Act. The Bolt will leave behind a mixed reputation. Compare Now. News provided by The Associated Press. MSRPs for all other electric vehicles must be $55,000 or less. NO YES. And so if we can bring people in based on the propulsion proposition that they're looking for, we can do it with a brand that they're familiar with, with brand names they're familiar with, that works well for us.". $80,000. Of course you do! Used EVs also got revised terms that now offers a credit equal to 30% percent of the sale price (up to $4,000). Both qualify for the US governments US$7500 tax credit, bringing the purchase to around US$20,000 2022 Bolt EV facelift. The top-level Premier trim level can be had with General Motorss Super Cruise hands-free driving feature. That recall cost GM about $1 billion and followed similar Chevy Bolt recalls in November 2020 and July 2021 for potential similar fire problems. The latest 2023 model year versions are among the most affordable BEVs on the market, especially when deducting the $7,500 federal tax credit. As things currently stand, there is a lot up in the air right now. However, buyers may qualify for state incentives, depending on the state. Here Is the EPA's List of EVs Eligible for the Full $7500 Tax Credit, 200809 Porsche Cayennes Are Today's Auction Picks, General Motorss Super Cruise hands-free driving feature, Your Privacy Choices: Opt Out of Sale/Targeted Ads. At least 13 Bolts spontaneously caught fire as a result of the issue. Lastly, there are other potential savings available to you that you might not even know about yet. Much like Chevy's Bolt and Bolt EUV, the Nissan Leaf offers a cheap entry into the world of EVs. To spur interest and make the Bolt more affordable, GM cut the starting prices by as much as $6,300 for the 2022 model year. Importantly, these requirements will ramp up over several years. You might try going back or home. However, the Chevrolet Bolt EV/Bolt EUV, after recovering from the massive battery-related recall (production resumed in April 2022), will not stay with us very long because GM intends to switch to Ultium-based electric vehicles. The EUV is longer, wider, and taller than the standard Bolt hatch and comes reasonably equipped with available Apple CarPlay and Android Auto. The company has sold over 161,000 Bolts since the model was introduced in 2016, but sales only equated to a fraction of Tesla's volume. A man looks inside a Chevy Bolt EUV at the North American International Auto Show in Detroit, Michigan on Sept. 14, 2022. Get this delivered to your inbox, and more info about our products and services. Manufacturer's Scooter Doll is a writer, designer and tech enthusiast born in Chicago and based on the West Coast. In 2022, GMsaidit planned to renovate the Orion plant and use it for making the electric versions of the GMC Sierra and Chevrolet Silverado pickup trucks. His new goal is to delay the inevitable demise of his 2010 Volkswagen Golf. On the other hand, in the short term, consumers might lose access to a really affordable all-electric car. On the bright side, the small package is relatively well appointed and lets city drivers zip through traffic and fit in tight parking spaces. Check it out here. GM is ending production of its Chevrolet Bolt models by the end of 2023. The U.S. Treasury Department released a list ofwhich vehicles are now eligible for a $7,500 tax credit. GM expects to earn low to mid-single-digit adjusted profit margins on its EV portfolio in 2025, excluding any positive impact of clean energy tax credits such as those included in the Inflation Reduction Act. The Chevrolet Bolt EV (later joined by the Bolt EUV version) was introduced in the United States in 2016 and since then, more than 161,000 have been sold in the country. But GM CEO Mary Barra on Tuesday said the automaker would end production of the car later this year. K5 Blazer fans may have seen the 2019 return of the Blazer name on a roadgoing crossover as akin to sacrilege. Chevrolet Kills Bolt EV And Bolt EUV At The End Of 2023; both not including the $7,500 federal tax credit. Want to learn more? The battery guidance currently sits as a proposed rule that has been published in the federal register, leaving the door open for public feedback until June 16, 2023 before taking its final form. DETROIT General Motors plans to stop production of its electric Chevrolet Bolt models by the end of this year, CEO Mary Barra told investors Tuesday when discussing the company's first-quarter earnings. Production of the Chevrolet Bolt EV and Bolt EUV electric cars at the plant in Orion Township, Michigan will come to an end in late 2023. "It's not about replacement volume, especially early on," Majoros explained. A 2019 Chevrolet Bolt EV caught fire at a home in Cherokee County, Georgia on Sept. 13, 2021, according to the local fire department. "This is a game-changer for us and for the industry.". That's a milestone that the Bolt models, including a larger "EUV" version, never were believed to have achieved. Chevrolet Kills Bolt EV And Bolt EUV At The End Of 2023; both not including the $7,500 federal tax credit. As the least expensive electric vehicle Much like Chevy's Bolt Rivian's first attempt at an SUV skims just under the maximum MSRP threshold to be eligible for the Barra said when the Orion, Michigan, plant, which currently produces the Bolts, reopens and reaches full production, employment will nearly triple, and the company will have capacity to build 600,000 electric trucks annually. Korea, Mexico and Japan have major car assembly operations, and many of those cars end up sold in the US. Here's what to know. UAW Local 5960 member Kimberly Fuhr inspects a Chevrolet Bolt EV during vehicle production on May 6, 2021, at the General Motors Orion Assembly Plant in Orion Township, Michigan. Furthermore, new terms implemented January 1, 2023 limit the number of EVs that currently qualify based on a number of factors pertaining to local US manufacturing. Power ranks EV models, almost unimaginable levels to hit Biden target, Your California Privacy Rights/Privacy Policy, Tesla Model Y (All-Wheel Drive,Long Range All-Wheel Drive and 2022 Performance), Tesla Model 3 Standard Range Rear Wheel Drive. The Blazer name is once again seeing a revision, with the introduction of the Blazer EV crossover expected to start hitting driveways later this summer. Classic Mustang, Plymouth Satellite and more get electric upgrade. It comes amid record production and sales of the vehicle for mass-market consumers, which was GM's initial goal. Federal tax credit for EVs will remain at $7,500. This revamped Clean Vehicle Credit under the Inflation Reduction Act, not only extends the length of EV tax benefits through the next decade, but also eliminates the unit threshold that some American automakers have already exhausted, thus disqualifying themselves. The largest U.S. automaker sold 38,120 Bolt EVs in 2022 up from 24,828 in 2011 and 19,700 in the first three months of the year. As previously mentioned, qualifying terms for electric vehicle became more strict with the start of 2023, and EVs and their battery components must be assembled in North America to qualify.As you can see above, significantly fewer electric vehicles qualify under the new terms, but as time goes on, more and more automakers will adapt their production strategies to operate within North America and start selling vehicles that qualify.American companies like Ford, GM, and Tesla already have EVs that qualify to some extent, but others are sure to follow. Whether its a purchase or lease of a new or used EV, or the purchase and/or installation of an EV charger, you could get money back, depending where you live. Through an investment of around $4 billion, the site will be prepared for all-new Ultium models, specifically the Chevrolet Silverado EV and GMC Sierra, all-electric pickups. To industry experts, the writing was on the wall for the Bolt's end of days. FTC: We use income earning auto affiliate links. Related Articles GM is ending production of its Chevrolet Bolt models by the end of 2023. The Chevy Bolt EV and EUV, a larger version of the car, make up the vast majority of the company's electric vehicle sales to date. Model: Base Price: Dest. Whether you qualify is not a simple yes or no question well, actually it sort of is, but the amount you may qualify for varies by household due to a number of different factors. 2022-2023 Ford F-150 Lightning (standard and extended range), 2022-2023 Ford Mustang Mach-E (standard and extended range), 2022-2023 Tesla Model 3 Standard Range RWD. Get this delivered to your inbox, and more info about our products and services. "GM likely viewed the Bolt models as little more than stepping stones to its next-generation EV technology," Drury told CBS MoneyWatch. "We think this is our big opportunity here to really start to get a massive adoption, and we have that expectation with the price; the volume that we expect to do," Scott Bell, global vice president of Chevrolet, said during a media briefing last year. While those credits likely would have boosted the profit margin on the Bolt as well, the car uses older battery technology purchased from LG, and GM is currently focused on scaling up more cost-effective in-house battery production through a plant it operates as a joint venture with the South Korean company. Most of the eligible cars so far are made by the big three EV automakers in the US Ford, General Motors and Stellantis (which includes Chrysler and Jeep) plus Tesla. most electric vehicles won't quality for tax credit in Senate bill, for owner satisfaction? The target production and sales rate is 70,000 units per year globally (mostly in the US). Production of the Chevrolet Bolt EV and Bolt EUV electric cars at the plant in Orion Township, Michigan will come to an end in late 2023. 1) It removes the need to have a section in current article about the old rules that have expired. GM and South Korea's Samsung SDI plan to invest more than $3 billion in a new electric vehicle battery cell plant in the United States, the companies said Tuesday. Is it so that anyone buying after the bill is signed and before Jan 1st 2023, will also lose the existing credit ($2500) and also be not eligible for new $7500 credit? As sales of electric vehicles continue to surge, many new and prospective customers have questions about qualifying for federal tax credit on electric vehicles, especially now that a slew of new credits have been reinstated to US consumers (alongside their fair share of confusing and ever-evolving conditions). buyers would be eligible for the $7,500 EV tax credit. A one-year phaseout period ending on March 31, 2020 eliminated the credit for subsequent Bolt EV buyers. With its new price alignment, the 2022 Chevrolet Bolt EV starts at $31,995including Today you could buy the same car for around $39,990. WebIn 2022, you could buy a Model 3 for roughly $48,490. There is no limit to the number of EVs automakers can sell with tax credits, as long as those vehicles meet the requirements. For Ford's target market of tradespeople and delivery drivers, it may be enough range. Car brands that will be losing access to the U.S. EV tax credit include: Electric cars from Kia andHyundaialso do not qualify because they are manufactured outside North America. New tax credits enacted last year by President Joe Biden in theInflation Reduction Actcould drop that figure lower for some drivers. After that, General Motors will convert its Orion Township plant to produce the Chevy Silverado EV and the GMC Sierra EV. Now, EV manufacturers must ensure that battery critical minerals used in vehicles assembled in America are also extracted or processed in the US or any country with which the US has a free trade agreement, or recycled in North America. Here's how. Be sure to check the date at the bottom of each table above to see when it was most recently updated. Notice several previously qualifying models have been struck through per the guidance of the US Treasury as of April 18, 2023. New 2024 Mercedes E-Class Wagon Confirmed for U.S. New BMW Patent Could Make Performance EVs More Fun, Range Rover Sport SV Teased Before May 31 Reveal, Tesla Now Charges $250 for Its Steering Yoke, Watch This Ioniq 5 Crab Walk into a Parking Space, Shelby Mustang Mach-E GT Makes Fake Exhaust Noises, Mercedes EQE, EQS 'Acceleration Increase" Pricing. Got a confidential news tip? For critical minerals, the percentage will start at 40% in 2023 and ramp up each year to 80% by 2027. Whether its calculating potential savings or rebates before making a new EV purchase or determining what tax credits might already be available to you for your current electric vehicle, there is much to discover. There's irony in the timing of the Bolt getting axed. 2022-2023. If you somehow manage to miss the unique badging and huge light bar spanning the front of the F-150 Lightning, you could reasonably step inside and assume you are in a standard internal-combustion-powered F-150. The first table above details all of the electric vehicles that qualify under terms of the Inflation Reduction Act. The Bolt duo still offers a decent range of around 250 miles. Still, the proposed qualifying factors are in effect as of April 18, 2023 while the finalized iteration is solidified. .css-juhzt8{background-color:#000000;border:thin solid white;border-radius:0.25rem;color:#fff;display:inline-block;font-family:Interstate,Helvetica,Arial,Sans-serif;font-size:0.70028rem;font-weight:700;letter-spacing:0.05rem;line-height:1;text-align:center;-webkit-text-decoration:none;text-decoration:none;text-decoration-color:inherit;text-decoration-thickness:0.0625rem;text-transform:uppercase;text-underline-offset:0.25rem;-webkit-transition:all 0.3s ease-in-out;transition:all 0.3s ease-in-out;white-space:normal;width:auto;}@media(max-width: 48rem){.css-juhzt8{padding:0.6rem 1rem 0.6rem;}}@media(min-width: 40.625rem){.css-juhzt8{font-size:0.75rem;line-height:1;}}@media(min-width: 48rem){.css-juhzt8{padding:0.75rem 0.9375rem;}}@media(min-width: 64rem){.css-juhzt8{padding:0.75rem 0.9375rem;}}.css-juhzt8:focus-visible{outline-color:#000000;}.css-juhzt8:hover{color:#000;text-decoration-color:border-link-body-hover;background-color:#DBCA8B;}More on the Feds and the Tax Credit. It's part of GM's EV strategy to retool existing plants rather than building new ones, although it could do so in the future. The average new EV sold for $58,940 last month, up from $58,385 in February, according to Kelley Blue Book. First, lets take a second to truly understand how the Federal EV tax credit currently works. General Motors CEO Mary Barra announced the newsduring the company's first-quarter earnings call. Just recently, the US Department of Treasury has finally shared its battery guidance for qualifying EVs, heres the latest. WebIn 2022, you could buy a Model 3 for roughly $48,490. But experts and officials say the start of the critical mineral supply chain mining and refining critical minerals will be the most difficult aspect to change. But in the case of the Orion plant, which solely manufactures the Bolt, it didn't make sense to take that tack, because GM believes it needs the additional capacity. Copyright 2023 CBS Interactive Inc. All rights reserved. GM CEO Mary Barra discusses new electric Chevy Equinox and EV production plans. The Us government has yet to share a specific list of FEOCs, but the Dept. 1 3 r/SelfDrivingCars Join 6 mo. According to Chevy, it will be able to provide up to 100 miles of range in just 10 minutes using DC fast-charging. We want to hear from you. Luckily, we have compiled everything you need to know about tax credits for your new or current electric vehicle into one place. The MSRP of the car must be $25,000 or less. The Treasury Department has revealed which cars will be eligible for the new electric vehicle tax credits. "When Orion EV assembly reopens in 2024 and reaches full production, employment will nearly triple, and we'll have a company-wide capacity to build 600,000 electric trucks annually.". We cant blame you. The new ruleswere announced last month and go into effect Tuesday. Maybe that's useful detail but doesn't seem necessary for most consumers. The starting price for the Bolt EV is just $26,500 (+$995 DST), and effectively less than $20,000 when deducting the federal tax credit. While the standard Model 3 is left out of the equation, the entirety of the Model Y lineup earns the full $7500 credit. Heres why The Bolt EV would start at $26,595, followed by the Bolt EUV at $28,195. Please send any tips or suggestions, or dog photos to him at [emailprotected], Stay up to date with the latest content by, Electric Vehicle Price Guide best prices for dealers in the US. Heres a handy flowchart we made to help (hopefully) simplify the details for you. while the slightly larger Bolt EUV begins at US$27,800 ($42,000). Heres why, Why electric vehicles are better than hybrids at fighting climate change: Roadshow, FordsF-150 leaves tough choices for buyersseeking EVtax credits. By: Mark Kane. The Inflation Reduction Act of 2022 changed the rules for this credit for vehicles purchased from 2023 to 2032. Below is a breakdown of the terms of the new Clean Vehicle Credit, but be warned. The 102.0-kWh battery offers an estimated range of up to 308 miles of luxurious cruising in the single-motor version, and up to 307 miles in the dual-motor setup. General Motors is ending production of its Chevrolet Bolt models by the end of this year, the Michigan automaker said Tuesday, adding that the local plant currently tasked with making the Bolt will be converted for the manufacturing of electric pickup trucks. Each of the two newly enforced qualifying factors account for $3,750 in tax credits, combining for the total $7,500. We'd love a bit more excitement from an enthusiast's viewpoint, but the interior is well appointed and spacious enough for the whole family. Barra said Tuesday that the renovation project is almost finished. .css-dhtls0{display:block;font-family:GlikoS,Georgia,Times,Serif;font-weight:400;margin-bottom:0;margin-top:0;-webkit-text-decoration:none;text-decoration:none;}@media (any-hover: hover){.css-dhtls0:hover{color:link-hover;}}@media(max-width: 48rem){.css-dhtls0{font-size:1.125rem;line-height:1.2;}}@media(min-width: 48rem){.css-dhtls0{font-size:1.25rem;line-height:1.2;}}@media(min-width: 61.25rem){.css-dhtls0{font-size:1.375rem;line-height:1.2;}}200809 Porsche Cayennes Are Today's Auction Picks, California to Ban Heavy-Duty Diesel Trucks in 2036, McLaren Hybrid Flagship Set to Arrive in 2026, Brock Yates's Old Ford Hot Rod Is Our BaT Pick, Bentley Continental GT, Flying Spur Get Dressed Up. 2023 CNBC LLC. To keep the list from getting too long, we did not add plug-in-hybrid vehicles to the story, although you can find them on the list linked above. The list of eligible new and used EVs will be updated at www.fueleconomy.gov. Ditching fossil fuels for greener roadways should already feel rewarding, but right now the government is willing to reward you further for your environmental efforts. To spur interest and make the Bolt more affordable, GM cut the starting prices by as much as $6,300 for the 2022 model year. New Federal Tax Credits in the Inflation Reduction Act. Subscribe to Electrek on YouTube for exclusive videos and subscribe to the podcast. All Access Digital offer for just 99 cents!
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