The implementation of the new IRS rules from January 1,2024 in the U.S. most of the electric vehicles will lose the battle to grab the hefty tax credit from the government. There are just 10 electric vehicles that will be eligible for the full $7,500 EV tax Credit.
As present most of the source EV materials are imported by the manufactures but the new rules are being implemented to persuade the manufacturers to build and source EV materials in the U.S. The most transformative change in the rules are that EVs with battery components made or assembled by the company based in a “foreign entity of concern’ (FEOC) will not be eligible for the credit. The list of FEOCs consists of North Korea, China, Russia and Iran.
Vehicles that are eligible for the full credit in the new rules must use batteries that have at least 50% of their components sourced from the U.S., Mexico or Canada. Further the rules clarify that run materials used in the arteries must be sourced from a county the U.S. has a free trade agreement is also eligible.
Tax credit by the government will encourage the new car buyers to try their hands on the electric vehicles. And the below is a list of all top eligible electric vehicles for the $7,500 tax credit from January.
Tesla Model X
Tesla Model X is an attention-grabbing electric SUV built with unusual rear doors and lots of modern technology. Tesla offers the two models of the SUV, featuring a dual-motor Long Range starting off the range with 670 horsepower and 348 miles of estimated driving range. Further the performance-oriented Plaid model will offer 1020 horsepower with the driving range up to 333 miles. Price of teh Model X is expected to start around $82,000 and go up to $110,000 depending on the trim options.
Cadillac Lyriq
The Cadillac Lyriq presented by Cadillac’s most luxury sedans. Built on GM’s Ultium Scalable Battery architecture. It comes in three distinct trims with an escalating level of equipment. Base model is featured with 340-hp single motor electric powertrain with the estimated 312 miles per charge to 308. Other features include digital dashboards display, wireless Apple CarPlay and Android Auto, A wireless smartphone charging pad. A 500-hp Dual Motor AWD model is also offered which also boasts a 3500-pound towing capacity. For pricing Cadillac Lyriq starts at $58,590 and goes up to $63,190 depending on the trim options.
Chevrolet Blazer EV
The Blazer EV will feature an SS trim level boasting an impressive 55 horsepower, capable of outpacing even V-8 Camaros. WIth EV model Chevy plans to offer more wallet-friendly and range-focused trims alongside the powerhouse. However the EPA hasn’t certified the details yet, But Chevy’s aiming for an impressive 320 miles on the long-driving Blazer EV RS model.
Chrysler Pacifica PHEV
Chrysler Pacifica will be available with either front- or all-wheel drive. The standard model is equipped with a 287-hp V-6 with a nine-speed automatic transmission. Where the Pacifica hybrid comes with a 260-hp plug-in hybrid powertrain that delivered a whopping 540 miles. A new Emergency Vehicle Alert System is also added to the Pacifica’s Unconnected infotainment system. Other standard features include a heated steering wheel, perforated leather upholstery, heated front seats, 18-inch wheels.
Tesla Model Y Performance
Tesla Model Y is one of the watter-friendly models introduced by Tesla, based on the Model 3. Featured with dual motors, a large touchscreen, roomier cabin infotainment system as well as a readout for speed and navigation. The Model Y crossover starts with the Standard Range rear-wheel drive cost-leader trim that comes with rear-wheel drive. Also the driving range is near the top EV class, with a maximum estimate of 330 miles for the Long Range model. It is also expected that the price of the 2024 Tesla Model Y, start around $46,000 and go up to $55,000 depending on the trim and options.
Chevrolet Silverado EV
The Chevrolet Silverado EV utilize GM’s Ultium battery pack that is said to provide up to 450 miles of range per charge. New Chevrolet will come with dual electric motors providing standard all-wheel drive and up to 754 horsepower. EV will be available in various trims, from a fleet-oriented work truck to fully loaded RST models boasting 664 horsepower.
Tesla Model 3 Performance
Tesla’s Model 3 is a sleek new look electric sedan that remains a compelling choice for buyers. With a styling refresh Model 3 comes with a sleeker front end, a quieter cabin and updated standard features. The base trim level comes with one motor driving the rear wheels with the estimated range of 272 miles, but all others have two motors and all -wheel level. And the longer range model offers an estimated 341 miles of driving per charge. All Model 3s come with the heated and ventilated front seat, navigation, and Tesla’s Autopilot semi-autonomous driving system.
Ford F-150 Lightning
Ford Lightning replaces the age-old roar of a V-8 with the quiet and quick-twitch muscle of an electric powertrain with 580 horsepower. F-150 has all-wheel drive powered from dual motors. But if you want great driving range an extended range model’s larger battery will be needed. It will provide an EPA-estimated range of 320 miles. Now a Platinum BLack special edition is also available. Ford has provided following features in its F-150, a 15.5 inch infotainment screen, biggest battery pack, Ford’s BLue Cruise hands-free driving mode.
Chevrolet Equinox EV
Chevrolet Equinox EV is a low-cost electric SUV starting price of $34,995. However, the base model is expected to arrive at a later date. The Equinox EV will present a diverse range of models, beginning with a base trim offering 250 miles of range and 210 horsepower. Higher-tier trims, which come with a larger battery pack, can achieve up to 319 miles of range, and the all-wheel-drive variants boast 290 horsepower.
