Industry Round-Up: EV Tax Credits, Volvo, GM and Tesla

The Treasury figures out the EV tax credits and tells dealers to register to leverage them well. 💰
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Industry Round-Up: EV Tax Credits, Volvo, GM and Tesla

US EV Tax Credit Updates! 👨‍⚖️

  • US Treasury unveils point-of-sale rebate for $7,500 EV tax credit from Jan 1.
  • Say goodbye to waiting till tax time! Credits directly lower vehicle prices.
  • Got income limits? $300k for couples, $150k for singles.
  • Car dealers to register on new IRS site for swift 72-hour credit payouts.
  • North American assembly is a must, trimming eligible model options.
  • Watch out for new price caps and buyer income limits.
  • Battery sources matter! Awaiting rules on "Foreign Entity of Concern."
  • EPA's dream? 67% of new cars being EVs by 2032. 🌍🔌

Volvo's EV Game Strong! 📈

The Swedish automaker's electric buzz grows as EV sales skyrocket, hitting a 15% share with a whopping 631% surge in the US! Volvo is zooming towards an electric future, from the spacious EX90 SUV to the affordable EX30, targeting the youth.

🇺🇸 GM's European Encore & Stock Slide! 🌍

Euro Comeback: General Motors is cruisin' back to Europe, kicking off with the luxurious Cadillac Lyriq that has a cool $90k pricetag. After a hiatus, GM is back, directly challenging Europe's and China's EV elite. GM plans to woo Europeans with online sales and a 329-mile range of electric Cadillacs by 2030. 🍾

Bumpy Ride at Home: But, back in the US, GM's stock has skidded to a three-year low amid UAW strikes and a looming airbag recall storm. Shares dipped below $30, with worries of a massive recall of airbags that might turn explosive for the automaker. ⚠️📉

Tesla Slashes Prices Yet Again! ✂️

Tesla just keeps reducing prices. The Model 3, with its newest price tag, could go for just over $30K after tax credits, making it the best-value Tesla to date.

The Model Y's Long Range and Performance versions are also $2K cheaper.

Elon Musk tweeted about the new discount, adding that the latest RWD Model Y ain’t scared of winter conditions. 🥶 ❄️

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