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EV Tax Credits, Tesla, Lucid, Rivian & VinFast: EV News Aug 18, 2022

This week, we have news on US EV Tax Credits, Tesla Superchargers, VinFast, Lucid, Rivian, and more.

Check out the full newsletter for the week, which includes more Electric Vehicle News, and also news about Autonomous Vehicles.

Bio: John is the COO at EPG, a company focused on helping electric and autonomous vehicle companies hire the best talent. In addition to these services, EPG puts out an informative weekly newsletter that is now named Mobility EVo. You can sign up for the newsletter here

Do I Get Credit?

With the new Inflation Reduction Act of 2022, vehicles eligible for the credits are at the forefront of everyone’s minds. Since it was signed this week, there are immediate changes to EVs and the available tax credits. If you plan on buying a Kia or Hyundai next week, you may be a little too late. 

Here is the list of the now eligible EVs including the Audi Q5, the BMW 3-series Plug-In, the BMW X5, the Chevrolet Bolt EUV, and the Chevrolet Bolt EV. There are additional changes that will take effect on January 1, 2023.

Getting Creative

To combat the possibility of federal tax decline, VinFast has pledged to give customers a $7,500 discount to remain steady with deals consumers were originally promised. As long as the customer has a written binding contract, they will be eligible for the discount.

Rivian and Lucid also got creative and encouraged buyers to purchase a qualified EV before the new Inflation Reduction Act of 2022 became law. As long as the buyer was under contract, they would still qualify for the tax credit. It seems as though many manufacturers and consumers are still processing what this law entails.  

The Battery Belt

With The Inflation Reduction Act, there are certainly some positives, such as incentivizing more production in the US. The new bill will encourage more EV and battery plants among the newly developed Battery Belt, a stretch of the country ranging from Michigan, Ohio, and Tennessee, down south to Georgia, Arkansas, Alabama, Texas, Arizona, and California. Many of the states will benefit from a giant economic boom from additional plants.

Open Network

Tesla wants to expand Tesla Supercharger membership to non-Tesla owners. Through this expansion, Tesla will add a new CCS adapter for other EV owners. Expect to see the new adapters on Superchargers by the end of 2022. If Tesla opens up membership, the company can access federal funds to add more EV stations throughout the country.

There will likely be two different packages offered. One will be a pay-as-you-go plan and the other will be a $.99/month plan that allows you to access the network at a lower price per kWh. Seems like a win-win. 

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