As GM Authority reported back in December 2023, several General Motors electric vehicles – including the Cadillac Lyriq – would no longer qualify for the full $7,500 U.S. tax credit at the beginning of the 2024 calendar year due to parts-sourcing issues. In an effort to keep its EVs attractive, The General has begun offering $7,500 rebates on all-electric vehicles that lost the tax credit. With all that in mind, the Cadillac website indicates that this rebate excludes 2024 Lyriq units equipped with R7T. Some may be wondering, what exactly does that code entail?
The RPO code R7T isn’t related to any current feature, option, or package available on the Lyriq. To get to the bottom of this, GM Authority reached out to Cadillac for answers.
Essentially, R7T is an internal code used to identify vehicles in inventory that are eligible for the EV tax credit, and thus won’t be eligible for GM’s in-house $7,500 rebate. So, this means that only vehicles that ‘exclude R7T’ are eligible for the incentive.
“GM is well positioned for our dealers and customers to take advantage of the clean vehicle tax credit,” a Cadillac spokesperson stated. “After reviewing Treasury’s long-awaited proposed guidance, the Cadillac Lyriq and Chevrolet Blazer EV will temporarily lose eligibility for the clean vehicle credit on January 1st, 2024 because of two minor components. GM has pulled ahead sourcing plans for qualifying components in early 2024 and will support our dealers and customers, and importantly, keep EV momentum.”
Moving forward, the Chevy Bolt EV and Chevy Bolt EUV remain eligible for the 2024 purchase incentive. To this end, General Motors is attempting a quick transition where all its electric vehicles under the MSRP cap will be eligible for the full tax incentive in early 2024, which includes vehicles like the Cadillac Lyriq.
Thus far, tax incentives have been a strong motivator behind widespread EV adoption. As such, General Motors remains committed to electric vehicles, and will continue to make sure that all of its EVs receive a $7,500 rebate in some form or another.