Title: Public demand for electric cars falls sharply by 14% as fewer than one in 10 private buyers of new cars opt for EVs, figures show Source:
[None] URL Source:https://www.dailymail.co.uk/news/ar ... cars-opt-EVs-figures-show.html Published:Oct 6, 2023 Author:Mike Rivero Post Date:2023-10-06 09:24:28 by Horse Keywords:None Views:212 Comments:1
The 14.3 per cent decline compared with September last year meant that fewer than one in ten private buyers of new cars opted for a battery-powered vehicle. It is the latest setback in the push to achieve 'net zero' carbon emissions by 2050.
People shopping for electric vehicles starting next year will be able to get a $7,500 federal tax credit off the sticker price while at the dealership, rather than having to wait months to receive their tax returns.
The changes to how car buyers can get the federal tax break on EVs — part of the Inflation Reduction Act — were announced by the Biden administration on Friday, and are being rolled out to car dealerships before they take effect starting January 1.
Under the new guidance, those purchasing a new electric vehicle or plug-in electric vehicle that qualifies under the Treasury Department’s guidelines can either take $7,500 off the sticker price of a new EV or $4,000 off the cost of a used EV.
“For the first time, the Inflation Reduction Act allows consumers to reduce the up-front cost of a clean vehicle, expanding consumer choices and helping car dealers expand their businesses,” said Laurel Blatchford, Treasury’s chief implementation officer for the Inflation Reduction Act, in a statement. “The IRS has focused on streamlining this process for car dealers as part of its commitment to improving service and helping taxpayers claim the credits they are eligible for.”
More than a dozen new EV models and some of their variations are eligible for all or half of the new credit. A small number of models, mostly foreign-made vehicles, are not eligible for now. Most of the eligible cars so far are made by the “big three” EV automakers in the US — Ford, General Motors and Stellantis — plus Tesla and German carmaker Volkswagen.
More foreign companies are building EV factories in the US in order to take advantage of the tax credits in the future.
“ On some great and glorious day the plain folks of the land will reach their heart's desire at last, and the White House will be adorned by a downright moron. ” ~ H. L. Mencken