General Motors announced that it built around 20,000 electric vehicles (EVs) this year that didn't qualify for EV tax credits due to battery sourcing requirements. The company lost access to federal tax credits for most of its EV models on Jan. 1, but has since regained eligibility for some models after making changes to its sourcing policies.
General Motors said the Detroit automaker built about 20,000 electric vehicles (EVs) so far this year that didn't qualify for EV tax credits because of battery sourcing requirements . GM lost access to federal tax credits for nearly all of its electric vehicle models on Jan. 1 when new requirements from the U.S. Treasury Department took effect and made many EVs ineligible for tax credits .
GM Chief Financial Officer Paul Jacobson said GM built about 20,000 vehicles over a 60-day period this year that didn't qualify for the credit. Despite GM's EVs losing eligibility for the tax credits for the first part of this year, GM said that it has since regained eligibility for many of its EVs, including the Chevrolet Blazer EV and the Cadillac Lyriq, after it made changes to its sourcing policies to comply with the regulation. The sourcing requirements were included as part of the Inflation Reduction Act and require that automakers can't source any battery components from foreign entities of concern while maintaining eligibility for the EV tax credit
General Motors Evs Electric Vehicles Tax Credits Battery Sourcing Requirements U.S. Treasury Department Eligibility Chevrolet Blazer EV Cadillac Lyriq Inflation Reduction Act Automakers
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