According to new requirements from the U.S. Department of Energy, as of January 1st, 2024, the Chevy Bolt EV and Chevy Bolt EUV are the only two electric vehicle models produced by GM that now qualify for the Clean Vehicle Credit, a $3,750 or $7,500 federal tax credit offered to encourage EV purchases.
Both the Chevy Bolt EV and EUV qualify for the full $7,500 EV tax credit, as do other electric vehicle models such as the Ford F-150 Lightning and several variants of the Tesla Model 3, Model X, and Model Y, while Rivian’s R1S SUV and R1T truck qualify for $3,750.
Other GM electric nameplates do not currently qualify for even the reduced EV tax credit, with the Chevy Silverado EV, Chevy Blazer EV, and Cadillac Lyriq excluded from the list. This is a change from last year when the Chevy Blazer EV and Cadillac Lyriq qualified for the full $7,500 Clean Vehicle Credit.
A GM representative noted that “Treasury proposed strict rules disqualifying all EVs with certain foreign battery content including low-value components, which effectively means most EVs will not be eligible beginning on January 1st.” However, The General has also said it will make changes to its other EVs so they will qualify for the EV tax credit again sometime in 2024.
Production of the Chevy Bolt models officially ended on December 20th, 2023, so potential buyers who wish to benefit from their tax credit eligibility will need to search for the dwindling stock currently in dealership inventory. However, GM says the supply on dealer lots should be enough to keep the 2023 Chevy Bolt EV and 2023 Chevy Bolt EUV available for the next few months.
Buyers of the Chevy Bolt EV or EUV can obtain the $7,500 credit directly at the dealership, provided the latter has applied to process the credit. Thanks to its eligibility for the credit combined with its affordable MSRP, the Bolt is exiting the market with very high value compared to its competitors. Even Bolt rival Nissan LEAF has lost its tax credit eligibility in 2024.
The U.S. Treasury Department and U.S. Department of Energy recently clarified the restrictions placed on EV tax credit eligibility, temporarily eliminating many previously eligible electric vehicles from the list. The government agencies have also reassured dealerships they will be reimbursed for EV tax credits within 72 hours.
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