December 13, 2024
US issues $135 million in advance EV tax rebates since January
By Staff Writer
February 14, 2024
Though the F-150 Lightning pickup truck still makes the cut for EV tax credit eligibility, Ford is cutting production at its Michigan Rouge Electric Vehicle Center to one shift starting April 1, citing softening demand.
Starting on January 1, 2024, auto dealers were able to give EV tax credits at point of sale instead of buyers getting the credit when they filed taxes. The tax incentives, $7,500 for a new electric vehicle and $4,000 for a used EV, have amounted to around $135 million in reimbursements to auto dealers from the I.R.S., covering the beginning of the year through February 6.
The agency revealed it has received over 25,000 time of sale reports, with over 19,500 requests for advance payment of the EV tax credits. Of the 19,500 requests 17,500 were for new EVs and 2,000 for used vehicles. "One month into implementation of this provision, there is strong demand for this new upfront discount, which will continue momentum in growing this industry in the United States," Deputy Treasury Secretary Wally Adeyemo said in a statement.
Over 11,000 U.S auto dealers have signed up for the program, including more than 8,000 registered for advanced payments.
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