US Consumers Have Fewer EV Model Options Compared to Other Developed Nations
According to a recent report from the Paris-based International Energy Agency (IEA), American consumers have fewer choices of electric vehicle (EV) models compared to other developed countries, particularly China. The study revealed that Americans have access to less than one-third of the EV models available in China.
The report also highlights that EVs are not just limited to small city cars. In fact, many of the battery-electric models available worldwide are actually larger vehicles. Luxury models produced by manufacturers like Tesla are primarily marketed to consumers in the West, which could explain why affordable mass-market models have been slow to become widely available.
EVs and plug-in hybrid electric vehicles (PHEVs) remain costly for many American consumers. However, while affordable EVs are slowly becoming more commercially available, cost-effective PHEVs remain a favourite among Americans as these are generally priced much lower.
The Inflation Reduction Act, which includes the introduction of tax incentives for EVs and PHEVs, has played a critical role in increasing EV demand in the US. However, the country’s charging infrastructure remains a concern, especially for long-distance travel.
As of now, only 6 out of 32 models that qualify for the tax credit are PHEVs. Nevertheless, numerous major automakers have invested billions of dollars in North American EV supply chains since the bill became law, with more models likely becoming eligible for tax credits in the coming years.
List of EV Models Qualifying for tax credits
Manufacturers, including Cadillac, Chevrolet, Ford, Jeep, Lincoln, Rivian, Tesla, and Volkswagen, have introduced tax credit-eligible EV and PHEV models. Below is a list of the models and the amount of tax credits consumers can claim:
Cadillac
– LYRIQ (2023-2024)
— MSRP: $61,795 – $63,795
— Eligible for $7,500 in credits
Chevrolet
– Blazer (2024)
— MSRP: $35,100 – $45,700
— Eligible for $7,500 in credits
– Bolt (2022-2023)
— MSRP: $26,500 – $29,700
— Eligible for $7,500 in credits
– Bolt EUV (2022-2023)
— MSRP: $27,800 – $32,300
— Eligible for $7,500 in credits
– Equinox (2024)
— MSRP: Starting around $30,000
— Eligible for $7,500 in credits
– Silverado (2024)
— MSRP: $41,795 – $106,895
— Eligible for $7,500 in credits
Chrysler
– Pacifica PHEV (2022-2023)
— MSRP: $37,270 – $60,345
— Eligible for $7,500 in credits
Ford
– E-Transit (2022-2023)
— MSRP: $53,790 – $58,970
— Eligible for $3,750 in credits
– Escape Plug-in Hybrid (2022-2023)
— MSRP: $35,455 – $40,700
— Eligible for $3,750 in credits
– F-150 Lightning (Available in standard or extended range battery) (2022-2023)
— MSRP: $55,974 – $96,874
— Eligible for $7,500 in credits
– Mustang Mach-E (Available in standard or extended range battery) (2022-2023)
— MSRP: $45,995 – $63,995
— Eligible for $3,750 in credits
Jeep
– Grand Cherokee PHEV 4xe (2022-2023)
— MSRP: $59,865 – $77,075
— Eligible for $3,750 in credits
– Wrangler PHEV 4xe (2022-2023)
— MSRP: $54,735 – $62,620
— Eligible for $3,750 in credits
Lincoln
– Aviator Grand Touring (2022-2023)
— MSRP: $69,190 – $89,280
— Eligible for $7,500 in credits
– Corsair Grand Touring (2022-2023)
— MSRP: $33,385
— Eligible for $3,750 in credits
Rivian
– R1S (2023)
— MSRP: Starting around $78,000
— Eligible for $3,750 in credits
– R1T (2023)
— MSRP: $67,500 – $73,000
— Eligible for $3,750 in credits
Tesla
– Model 3 Performance (2022-2023)
— MSRP: Starting at $54,380
— Eligible for $7,500 in credits
– Model 3 Standard Range Rear Wheel Drive (2022-2023)
— MSRP: Starting at $43,380
— Eligible for $3,750 in credits
– Model Y All-Wheel Drive (2022-2023)
— MSRP: Starting at $51,380
— Eligible for $7,500 in credits
– Model Y Long Range All-Wheel Drive (2022-2023)
— MSRP: Starting at $54,380
— Eligible for $7,500 in credits
– Model Y Performance (2022-2023)
— MSRP: Starting at $58,380
— Eligible for $7,500 in credits
Volkswagen
– ID.4 AWD PRO (2023)
— MSRP: Starting at $49,090
— Eligible for $7,500 in credits
– ID.4 AWD PRO S (2023)
— MSRP: Starting at $54,090
— Eligible for $7,500 in credits
– ID.4 AWD PRO S PLUS (2023)
— MSRP: Starting at $56,540
— Eligible for $7,500 in credits
– ID.4 PRO (2023)
— MSRP: Starting at $45,290
— Eligible for $7,500 in credits
– ID.4 PRO S (2023)
— MSRP: Starting at $50,290
— Eligible for $7,500 in credits
– ID.4 PRO S PLUS (2023)
— MSRP: Starting at $52,740
— Eligible for $7,500 in credits
– ID.4 S (2023)
— MSRP: Starting at $45,290
— Eligible for $7,500 in credits
– ID.4 STANDARD (2023)
— MSRP: Starting at $40,290
— Eligible for $7,500 in credits
US consumers can benefit from the expansion in EV models available, as well as an increase in investment and infrastructure designed to support the growth of EVs long-term. For more EV and PHEV models, please visit the manufacturer’s websites.
Original Story at buffalonews.com – 2023-06-04 19:15:00