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Electric vehicles eVs

GM wants U.S. Treasury to reconsider tax credits for Cadillac Lyriq EV

General Motors said Friday it wants the U.S. Treasury to reconsider classification of GM's electric Cadillac Lyriq to allow it to qualify for federal tax credits. The Treasury and Internal Revenue Service did not classify the Lyriq as an SUV, meaning its retail price cannot be above $55,000 to qualify for up to $7,500 in federal tax credits. "We are addressing these concerns with Treasury and hope that forthcoming guidance on vehicle classifications will provide the needed clarity to consumers and dealers, as well as regulators and manufacturers," GM told Reuters Friday, adding Treasury should use criteria and processes similar to the Environmental Protection Agency and Energy Department.
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Electric vehicles eVs

GM wants U.S. Treasury to reconsider tax credits for Cadillac Lyriq EV

General Motors said Friday it wants the U.S. Treasury to reconsider classification of GM's electric Cadillac Lyriq to allow it to qualify for federal tax credits. The Treasury and Internal Revenue Service did not classify the Lyriq as an SUV, meaning its retail price cannot be above $55,000 to qualify for up to $7,500 in federal tax credits. "We are addressing these concerns with Treasury and hope that forthcoming guidance on vehicle classifications will provide the needed clarity to consumers and dealers, as well as regulators and manufacturers," GM told Reuters Friday, adding Treasury should use criteria and processes similar to the Environmental Protection Agency and Energy Department.
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Electric vehicles eVs

U.S. Treasury says consumer leases can qualify for EV tax credits

The U.S. Treasury Department said Thursday that electric vehicles leased by consumers starting Jan. 1 can qualify for up to $7,500 in commercial clean vehicle tax credits, a decision that makes those assembled outside North America eligible. The announcement is a win for South Korea and some automakers that earlier this month sought approval to use the commercial electric vehicle tax credit to boost consumer EV access. Automakers said the credit could be used to reduce leasing prices.
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Electric vehicles eVs

U.S. Treasury says consumer leases can qualify for EV tax credits

The U.S. Treasury Department said Thursday that electric vehicles leased by consumers starting Jan. 1 can qualify for up to $7,500 in commercial clean vehicle tax credits, a decision that makes those assembled outside North America eligible. The announcement is a win for South Korea and some automakers that earlier this month sought approval to use the commercial electric vehicle tax credit to boost consumer EV access. Automakers said the credit could be used to reduce leasing prices.
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Electric vehicles eVs

UPDATE 2-U.S. Postal Service to double EV delivery fleet purchases

The U.S. Postal Service (USPS) said on Tuesday it will more than double its planned electric delivery vehicles purchases, officials said on Tuesday, tapping funding from Congress and responding to pressure from the White House to cut emissions. USPS said it now plans to buy at least 66,000 electric vehicles through 2028 after committing in July to buying 25,000 next-generation electric delivery vehicles and disclosing it was considering buying up to another 20,000 commercially available vehicles. Congress in August gave USPS $3 billion as part of a $430 billion climate bill to buy electric vehicles and charging infrastructure.
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Electric vehicles eVs

U.S. senator Manchin says Treasury should limit commercial EV tax credit use

U.S. Senator Joe Manchin, a Democrat who chairs the chamber's energy panel, asked the Treasury Department on Tuesday not to allow a commercial electric vehicle tax credit to be used for consumer leasing, rental cars or ridesharing vehicle sales, rejecting a broad interpretation of the credit. Reuters first reported last week the push by South Korea and some automakers that asked the Treasury Department to allow use of the commercial electric vehicle tax credit to boost consumer EV access as well as for the purchase of ride share and rental car vehicles. The $430 billion U.S. Inflation Reduction Act (IRA) passed in August ended $7,500 consumer tax credits for electric vehicles assembled outside North America, angering South Korea, the European Union, Japan and others.
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Electric vehicles eVs

Automakers, South Korea urge U.S. to tap commercial EV tax credit

Many automakers and the South Korean government are urging the Biden administration to tap a commercial electric vehicle tax credit to boost consumer EV access, a plan that could help ease concerns over a climate bill approved in Congress. The $430 billion U.S. Inflation Reduction Act (IRA) passed in August ended $7,500 consumer tax credits for electric vehicles assembled outside North America, sparking anger from South Korea, the European Union, Japan and others. Some automakers say a lesser noticed IRA provision for "commercial clean vehicles" could be used to boost EV manufacturers and address foreign concerns.
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Electric vehicles eVs

Republican takeover of U.S. House could pump the brakes on Biden’s EV agenda

Republicans' takeover of the U.S. House of Representatives could slow President Joe Biden's plans for adoption in the country of electric vehicles. House Republican leaders see Biden's EV efforts as heavy handed. "You can't force it," incoming Republican House Transportation and Infrastructure Committee chair Sam Graves told Reuters.