GM Expects Full $7,500 Tax Incentive Eligibility For 6 Of Its EVs
General Motors joins the list of automakers that have announced whether or not their line of electric vehicles are eligible for a $7,500 tax incentive as outlined by the Inflation Reduction Act signed by U.S. President Joe Biden. The exact details of eligibility were a little less than clear at the start, and many automakers have released lists for their potential customers to peruse. Earlier this month, Ford released its list of eligible vehicles, with the Ford F-150 Lightning netting the full $7,500, while its second most popular EV, the Mustang Mach-E is eligible for the $3,750 incentive.
General Motors' list includes six total vehicles that benefit from the $7,500 incentive. Those vehicles are the Cadillac Lyriq, the Chevy Bolt and Bolt EUV. The upcoming Chevy Equinox EV, Blazer EV, and Silverado EV are also eligible, according to a press release. General Motors also notes commercial customers of the Silverado EV are cleared for the $7,500 commercial incentive.
The Hummer EV doesn't make the cut
You may notice that the list does not include the GMC Hummer EV or the electric Sierra Denali. As outlined in the law, the incentive only applies to cars with an MSRP of under $55,000 as well as vans, trucks, and SUVs with an MSRP of under $80,000. Both the EV Sierra Denali and the Hummer have no trouble reaching more than six-figures in price, with the Denali Edition 1 starting at around $107,000. As opposed to Ford, General Motors' listed line of EVs net the full incentive as opposed to half of it like the aforementioned Mustang Mach-E and some of Ford's plug-in hybrids like the Escape or Lincoln Corsair.
It's also worth noting that even without the incentive, the Chevy Bolt remains the least expensive mass-produced new EV currently on the market. And with the incentive, it's one of the least expensive new cars period, beating out many new internal combustion powered cars handily.