Updated: EV Tax Credit Winners and Losers—Rivian, VW Gain Incentives

May 4, 2023
The latest Treasury Department rules are out. Which electrified vehicles qualified for the $7,500 incentive under the Inflation Reduction Act, and which fell short?

Editor's Note: Since the U.S. Department of Energy announced in April which automakers' vehicles would receive up to $7,500 in tax credits, several companies have convinced regulators that they qualify. On May 4, 2023, we updated this article (original date: April18) to reflect tax credits for Rivian and Volkswagen.

Hold on to your wallet: New federal tax incentives for electric and plug-in hybrid vehicles go into effect today. 

To qualify for the full credit, vehicles must meet new sourcing requirements for critical minerals and battery components. In addition, the sticker price must not exceed $80,000 for pickup trucks, vans and SUVs, and $55,000 for all other vehicles.

Click through the slideshow to see which vehicles benefit from the rule changes, and which got dinged. The figures show what the previous incentive was (before), and what the incentive is now (after).

Here's the full chart (updated 5/4/23), with info courtesy of fueleconomy.gov:

ManufacturerBrandModelEV Tax Credit (as of April 18, 2023) EV Tax Credit (Dec. 31, 2022 to April 17, 2023)
BMWBMW330e $- $5,836
BMWBMWX5 xDrive45e $- $7,500
Ford Motor Co.FordE-Transit $3,750 $7,500
Ford Motor Co.FordEscape Plug-in Hybrid (2022) $3,750 $6,843
Ford Motor Co.FordEscape Plug-in Hybrid (2023) $3,750 $6,885
Ford Motor Co.FordF-150 Lightning $7,500 $7,500
Ford Motor Co.FordMustang Mach-E $3,750 $7,500
Ford Motor Co.LincolnAviator $7,500 $6,534
Ford Motor Co.LincolnCorsair (2022) $3,750 $6,843
Ford Motor Co.LincolnCorsair (2023) $3,750 $6,885
General MotorsCadillacLyriq $7,500 $7,500
General MotorsChevroletBlazer (2024) $7,500 *
General MotorsChevroletBolt EV $7,500 $7,500
General MotorsChevroletBolt EUV $7,500 $7,500
General MotorsChevroletEquinox (2024) $7,500 *
General MotorsChevroletSilverado (2024) $7,500 $7,500
NissanNissanLeaf $- $7,500
RivianRivianR1S $3,750 $7,500
RivianRivianR1T $3,750 $7,500
Stellantis ChryslerPacifica (Plug-in Hybrid) $7,500 $7,500
Stellantis JeepGrand Cherokee 4xe $3,750 $7,500
Stellantis JeepWrangler 4xe $3,750 $7,500
TeslaTeslaModel 3 (Standard range) $3,750 $7,500
TeslaTeslaModel 3 (Extended range) $7,500 $7,500
TeslaTeslaModel Y $7,500 $7,500
VolkswagenVolkswagenID.4 $7,500 $7,500
VolvoVolvoS60 (Plug-in hybrid) $- $5,419
VolvoVolvoS60 (Extended Range) $- $7,500
VolvoVolvoS60 T8 Recharge $- $7,500

*Not on sale in time for earlier credits

About the Author

Laura Putre | Senior Editor, IndustryWeek

I work with IndustryWeek's contributors and report on leadership and the automotive industry as they relate to manufacturing. Got a story idea? Reach out to me at [email protected]


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