Author Topic: Biden administration expands EV tax credits in boost for Tesla, Cadillac, others  (Read 378 times)

0 Members and 1 Guest are viewing this topic.

Offline Elderberry

  • TBR Contributor
  • *****
  • Posts: 25,058
CNBC by Michael Wayland 2/3/2023

Key Points

•   The U.S. Treasury is changing its definition of an “SUV” to make more electric vehicles from Tesla, General Motors and others eligible for up to $7,500 in federal tax credits at higher prices.

•   The decision follows Tesla CEO Elon Musk publicly criticizing the former standards as well as GM and Ford lobbying to change the guidelines.

•   It’s unclear how the decision will affect up to 20% pricing cuts announced by Tesla last month that made the Model Y eligible for the credits.

DETROIT – The U.S. Treasury said Friday it is changing its definition of an “SUV” to make more electric vehicles from Tesla, General Motors

and other automakers eligible for up to $7,500 in federal tax credits at higher prices.

The decision follows Tesla
CEO Elon Musk publicly criticizing the former standards on Twitter as well as automakers such as GM and Ford Motor

lobbying to change the guidelines ahead of final rules being announced next month.

The change raises the retail price cap to $80,000 from $55,000 for vehicles such as the Tesla Model Y, Cadillac Lyriq, Ford Mustang Mach-E and Volkswagen’s ID.4. Previously some or all models of these vehicles did not qualify because they didn’t weigh enough to be considered an SUV by the Treasury’s standards.

The credits are part of the Biden administration’s $437 billion Inflation Reduction Act, which was approved in August. Under the bill, SUVs can be priced at up to $80,000 to qualify for EV tax credits, while cars, sedans and wagons have to be priced at or under $55,000.

More: https://www.cnbc.com/2023/02/03/biden-ev-tax-credits-tesla-suv.html


Online Hoodat

  • Hero Member
  • *****
  • Posts: 38,582
Oh great.  Car subsidies for rich people.
If a political party does not have its foundation in the determination to advance a cause that is right and that is moral, then it is not a political party; it is merely a conspiracy to seize power.     -Dwight Eisenhower-

"The [U.S.] Constitution is a limitation on the government, not on private individuals ... it does not prescribe the conduct of private individuals, only the conduct of the government ... it is not a charter for government power, but a charter of the citizen's protection against the government."     -Ayn Rand-

Offline Kamaji

  • Hero Member
  • *****
  • Posts: 58,548

Online catfish1957

  • The Conservative Rapscallion of the Carp Kingdom
  • Moderator
  • *****
  • Posts: 32,471
  • Gender: Male
Oh great.  Car subsidies for rich people.

As far as EV subsidy money, as an oil company retiree I see any money given  as an affront and a war towards me, and my interests.

Just love getting screwed by my own tax money. /s
I display the Confederate Battle Flag in honor of my great great great grandfathers who spilled blood at Wilson's Creek and Shiloh.  5 others served in the WBTS with honor too.