Automotive

EV Tax Credits Through Dealer Eyes

Whether it is government or dealer responsibility to clearly communicate and execute the used vehicle EV tax credits, rest assured that consumers will look to dealers to educate and inform them of their options and opportunities when purchasing used EVs.
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EV Tax Credits Through Dealer Eyes

On Friday’s edition of All Things Used Cars, David Long brought EV Battery report company Recurrent. The goal was to gain insight from dealers in attendance into some key notes they are hoping to share by Friday, November 4th with Congress in preparation for executing the Inflation Recovery act.

Readiness. The Inflation Recovery Act goes into effect on January 1. With 1.7 EVs in VIO and 1.2 being Teslas, the future of used EVs coming into the stores is a ripple today, a wave in years three to five but a tsunami in years 6 to 10. The time to get ready as a retailer is NOW, starting with information, training, and process development, preparing for execution.

Priority. The income and retail price requirement look to keep adoption steady in the first three years, but should increase the acceleration of adoption after year 3 through year 10. In the meantime, as evidenced by the 2.8 billion dollars issued through this bill, infrastructure and battery manufacturing are the priority out of the gate.

Going Giga. In reality or practical application, the 10-year bill is designed to bring EV battery manufacturing to the US, including the manufacturing supply chain. That is seen with the multitude of battery manufacturing facilities standing up in the US over the last few months called Gigafactories. Tesla has even paused their German plant development to develop more Gigafactories in the US to include the first-of-its-kind EV Battery mineral refining in south Texas.

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