GM Discounts $7,500 on EVs Without Tax Credit

Just for a Moment

The Cadillac Lyriq as well as the Chevrolet Blazer EV are no longer benefiting from the disputable $7,500 tax credit rewarded by the Inflation Reduction Act. All the same, General Motors is now providing a $7,500 decrease in cost as a supplement.

These no longer appear on the register of eligible cars since the GM Ultium battery housing components have not been acquired from America, indicating that purchasers must settle the entire suggested value.

Base model Lyriq and Blazer EVs both retail for around $50,000, which falls in line with the most recent Kelley Blue Book estimation of a new car’s cost. The average price tag of an electric vehicle stands at approximately $53,000, so General Motors is not far from that figure. Nevertheless, when competing with Tesla, whose prices fluctuate erratically, GM must remain solidly below that amount.

So, GM is making sure their patrons keep enjoying considerable savings, not only from governmental bodies but also through other offers.

“GM is in a great spot for its dealers and customers to benefit from the clean vehicle tax credit,” the automaker stated in a release. “After examining the much-awaited proposed direction from the Treasury Department, the Cadillac Lyriq and Chevrolet Blazer EV will temporarily lose their qualification for the clean vehicle incentive on January 1st, 2024 due to two minor components,” the statement continued. “GM has taken steps to secure the necessary components in early 2024 to support its dealers and customers, and, more importantly, keep the electric vehicle momentum going.”

“Early 2024” is an ambiguous timeline and could mean any time between the present and the end of March. It is also essential to keep in mind that the Blazer EV is not available right now. GM issued a cease-sale order in late December 2023 due to the need to address software complications. GM did not specify when production would resume, but the difficulty appears to be rather intricate.

Taking into consideration the GM discount, the Lyriq’s base value plunges to $49,695 and the Blazer EV’s entry-level cost sinks to $44,300. In comparison to an entry-class Model Y Tesla ($43,990), the Blazer is more inexpensive; still, the Tesla qualifies for the federal tax credit, thus rendering its retail worth at a remarkable $36,490.

The GM model likely to witness the greatest benefit is the Chevy Equinox Electric Vehicle, which GM had promised would have a starting price tag of $30,000. Nonetheless, its base cost has risen to $34,995; But, if luck favors it and it qualifies for the federal tax credit the MSRP would reduce to $27,495; thereby, making it one of the most cost-effective EVs available in America – making it a necessity we need to avail.