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GM says it built about 20,000 EVs that didn’t qualify for tax credits
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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.
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GM said it made about 20,000 EVs that didn’t qualify for tax credits before it reworked its sourcing to regain eligibility. (Paul Hennessy/SOPA Images/LightRocket via Getty Images / Getty Images)
It also set a requirement for the percentage of applicable EV battery components that must be manufactured or assembled in North America.
For 2023, the applicable percentage was 50%, and it rises to 60% for 2024 and 2025. From there, it rises by 10 percentage points annually until it reaches 100% beginning in 2029.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| GM | GENERAL MOTORS CO. | 39.22 | -0.30 | -0.77% |
The EV tax credit rules also include a requirement that critical minerals contained in the battery be extracted or processed either in the U.S. or in a country with which the U.S. has a free trade agreement or be recycled in North America.
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GM said federal EV tax credits were a key factor in the automaker’s bid to reach break-even on North American EVs later this year. (Bill Pugliano/Getty Images / Getty Images)
The battery sourcing threshold started at 40% in 2023, rose to 50% this year and will rise by 10 percentage points each year until it reaches 80% in 2027.
It also prohibits EV tax credits for any vehicle that includes battery components containing critical minerals that were extracted, processed or recycled by a foreign entity of concern.
GM did not immediately respond to a request for comment.
GM said it has changed its battery sourcing to regain eligibility for the EV tax credit on many of its vehicles. (Steve Fecht/General Motors via Getty Images / Getty Images)
GM and Detroit rival Ford recently expressed an openness to partnerships to compete with China on EVs.
“We can start having a competitive battery situation,” Ford CEO Jim Farley said. “We can go to common cylindrical cells that could add a lot of leverage to our purchasing capability. Maybe we should do (this) with another OEM (automaker).”
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GM CEO Mary Barra said last month the automaker may be able to break even on its North American EVs in the second half of 2024 if it can reach an annual production rate of 200,000 to 300,000 vehicles and continue to benefit from federal EV subsidies under the Inflation Reduction Act.
Reuters contributed to this report.
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As we look ahead to 2024, many homeowners and prospective buyers are wondering what to expect when it comes to mortgage rates. The landscape of the housing market is constantly changing, so it’s important to stay informed about trends and predictions. In this blog post, we will discuss some factors that could impact mortgage rates in 2024 and what homeowners and buyers can expect.
One factor that could impact mortgage rates in 2024 is the overall state of the economy. If the economy is strong and growing, we may see higher mortgage rates as the Federal Reserve looks to combat inflation. On the other hand, if the economy is stagnant or in a recession, we may see lower mortgage rates as the Fed looks to stimulate growth. It’s important to keep an eye on economic indicators such as GDP growth, unemployment rates, and inflation to get a sense of where mortgage rates may be heading.
Another factor that could impact mortgage rates in 2024 is Federal Reserve policy. The Fed plays a key role in setting interest rates, and their decisions can have a ripple effect on mortgage rates. If the Fed decides to raise interest rates in response to inflation, we may see an increase in mortgage rates. Conversely, if the Fed decides to lower interest rates to stimulate growth, we may see a decrease in mortgage rates. Keeping up with the latest news and announcements from the Fed can give homeowners and buyers a sense of where mortgage rates may be heading.
In terms of specific cities and local mortgage companies, it’s important to note that mortgage rates can vary depending on location and lender. For example, in a city like New York City, where real estate prices are high, mortgage rates may be higher compared to a city like Indianapolis, where real estate prices are lower. Additionally, local mortgage companies may offer competitive rates and terms compared to national lenders. For example, in New York City, local lenders like Quontic Bank and CrossCountry Mortgage may offer specialized products and services tailored to the needs of local buyers.
It’s important for homeowners and buyers to shop around and compare rates from multiple lenders to ensure they are getting the best deal. Websites like Bankrate and LendingTree can be helpful resources for comparing rates and terms from multiple lenders. Homeowners and buyers should also consider working with a mortgage broker who can help them navigate the lending process and find the best mortgage product for their needs.
In conclusion, predicting mortgage rates in 2024 is not an exact science, but there are several factors that could impact rates. By staying informed about economic indicators, Federal Reserve policy, and local market trends, homeowners and buyers can make informed decisions about their mortgage. Shopping around and comparing rates from multiple lenders is key to ensuring you are getting the best deal on your mortgage. Whether you’re looking to refinance your existing mortgage or buy a new home, it’s important to stay informed and be proactive in managing your mortgage.
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