The Government Has Issued More Than $1 Billion in EV Tax Credits This Year

by Chris Teague

Published: June 12th, 2024

the government has issued more than 1 billion in ev tax credits this year

Regardless of how you feel about EVs and the tax credits offered by the federal government, the truth is that people are using the incentives. Since January 1, EV buyers have seen more than $1 billion in savings on their purchases, with around 150,000 new and used vehicle sales so far this year.

Importantly, that $1 billion number does not include leases, which would push the figures much higher. The government’s incentives are likely more popular this year because they changed from a year-end tax credit to a point-of-sale “discount” that buyers can use to immediately reduce their purchase prices.

The incentives have played a pivotal role in boosting EV sales, and the Biden Administration is continuing to push for a more robust charging network and protections against EVs from China. Credits of up to $7,500 are available, with half tied to the sourcing of battery raw materials and the other half to the vehicle’s final manufacturing location.

Even with the success of the credits, challenges remain for continued EV adoption growth. The government’s investments in public charging networks have so far yielded only incremental growth in the number of charging stations in the wild. Tesla, whose Supercharger network is widely regarded as being the most reliable and easiest to use, may take a step back with the automaker’s recent layoffs, though other companies may step in to fill the gaps.

[Images: Cadillac/GM, Ford, Chrysler/Stellantis]

Become a TTAC insider. Get the latest news, features, TTAC takes, and everything else that gets to the truth about cars first by subscribing to our newsletter.

#EVTaxCredits #americanevs #Tesla #fordevs

Chris Teague

Chris grew up in, under, and around cars, but took the long way around to becoming an automotive writer. After a career in technology consulting and a trip through business school, Chris began writing about the automotive industry as a way to reconnect with his passion and get behind the wheel of a new car every week. He focuses on taking complex industry stories and making them digestible by any reader. Just don’t expect him to stay away from high-mileage Porsches.

More by Chris Teague

Comments

Join the conversation

2 of 104 comments

ToolGuy on Jun 16, 2024

$1 billion / 333.3 million = $3 per U.S. person ¶ And what do I get for my 3 bucks -- cleaner air and lower fuel prices? I might be ok with this 🙂🙂

1 Reply
TooManyCars on Jun 16, 2024

VoGhost; I was referring more to the Canadian context, but the same graft is occurring in the US of A and Europe. Political affiliation appears to be irrelevant.

Like Reply

Recent Comments

TheMrFreeze JD Power's surveys mean nothing to me. We live in an age where we have unprecedented access to actual, relevant data, and by that I mean working mechanics who see all of these cars up close and are willing to share what's good and what's crap. The wife drives a Fiat 500...had I listened to JD Power or Consumer Reports or whatnot we never would have bought one, but more than one mechanic I talked to said they were pretty reliable cars. Bought one, guess what...it's been reliable.
Akear Mary Barra has little or no feel for the market. This is yet another reason why GM will perform better when she retires. Barra's track record at GM is about as good as Biden debate performance last week.
Peter Nissan should hire someone to explain basic economics to their Board of Directors.
Jeff China now has the manufacturing capacity to produce 1/3 of the World's vehicles but under the current geopolitical environment this will not happen. As someone above stated all bets are off if China invades Taiwan. What many don't understand is that China plans for the long term and can wait it out till the geopolitical environment becomes less hostile toward China. I am not endorsing Chinese trade just stating that China is preparing for the future.
3-On-The-Tree Im glad it was fixed in time that would’ve been a huge pain and inconvenience to you if it had broke. My 2009 C6 Corvette LS3 has been great with no recalls. My 1985 Toyota Land Cruiser FJ60 actually had a recall for the gas tank and seat belt warning stickers about 10 years go and Toyota fixed it, got a new tank, fuel lines and stickers.