US EditionEV Buyers Lose $7,500 Tax Break; Automakers Offer Workarounds
Rivian adjusted lease prices for its R1 electric vehicles after the $7,500 federal tax credit ended, with Tri Motor trims seeing increases up to $140, company data shows.
- As of October 1, Rivian updated lease prices for all R1 trims, with some now less expensive and others more expensive, as first reported by enthusiast Chris Hilbert on X.
- Congress voted to end the $7,500 federal tax credit, which expired Oct. 1, and leased vehicles had to be delivered by September 30 to qualify.
- Rivian raised Tri-Motor leases to $1,399 for the R1S Tri Motor and $1,369 for the R1T Tri Motor, while Standard trims dropped to $709 for the R1S Dual Standard and $719 for the R1T Dual Standard.
- On Thursday Rivian narrowed its annual deliveries forecast to between 41,500 and 43,500 vehicles and saw shares down more than 7%, while offering 1.99% APR and 3.99% financing until the end of October.
- Despite a nearly 32% jump in deliveries, analysts warn of a cloudy outlook as Princeton University's Zero Lab projects EV sales could be about 40% lower in 2030 and Ford CEO Jim Farley warns demand may be cut in half.
14 Articles
14 Articles
EV buyers lose $7,500 tax break; automakers offer workarounds
Government tax credits for electric vehicles expired Oct. 1 after Congress voted to end the program years ahead of schedule.The program, intended to boost production of electric vehicles made in the U.S., awarded $7,500 tax credits to individuals making less than $150,000 a year, or couples filing jointly who made up to $300,000 a year. The credits were expanded in 2022 under a Democratic-controlled Congress and signed by President Joe Biden.The…
Tesla raises lease prices after federal EV tax credit expires
Tesla has raised lease prices for all its vehicles in the U.S. after a $7,500 federal tax credit that helped boost electric vehicle sales expired, according to the company’s website on Wednesday. The change follows the end of tax incentives under sweeping legislation passed by Congress, which eliminated the $7,500 credit for new EV leases and purchases, as well as a $4,000 credit for used EVs, effective September 30. Tesla and its rivals had bee…
Automakers expect EV sales plunge as tax credit expires
Automakers are scrambling to unload unsold electric vehicles now that the $7,500 federal tax credit that boosted EV sales for years has expired. The credit, which ended Tuesday, had long propped up demand for battery-powered cars. Ford Chief Executive Jim Farley predicted EV market share will fall by more than half to between 4% and 5% of total sales by year-end. “We expect a pretty deep fall off,” Farley said at a company event in Detroit. Auto…
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