Proposed Bill Will See $12,500 Credit On New EVs And $4,000 Credit On Used EVs
The proposed new credit will be limited to trucks, vans, and SUVs that cost no more than $80,000. For sedans, hatches, and wagons, the limit is set at $55,000. These breaks are also limited to families with a gross income of $300,000 per year.
This new set of rules eliminates several top-selling EVs like the Tesla Model 3 Long Range and Performance ($59,490 and $62,990, respectively), the Model X ($126,490 +), and the Model S, which starts at $109,490. The Bolt and upcoming Equinox EV and Blazer EV would be eligible on the GM side. Some Silverado 1500 EV models will qualify, but the Hummer EV duo can forget about it.
Toyota is the big winner, with most plug-in hybrids and upcoming EVs falling under the threshold.