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Kia, Hyundai, GM and VW Lose US EV Tax Credits

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The US has adjusted its list of which car models and companies get the full $7500 EV tax credit. Kia, Hyundai, GM and VW lost the $7500 US EV Tax Credits (until they adjust their car batteries sourcing and other issues). They can still sell their EV car models but they cost about 10-20% more versus the competing EV car models with full or most of their credits.

This could increase Tesla market share from 62% to about 70% in the USA in 2023. Tesla could avoid having to reduce prices on cars in the US. Tesla could move an additional 80,000 cars from increased Texas production without cutting prices this year.

The Tesla Model Y has become or is becoming the top-selling car model of any kind in many countries. This means it is outselling gasoline car models and not just EVs.

China and European countries are going to about 25-45% EV market share.

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Kia, Hyundai, GM and VW Lose US EV Tax Credits Reviewed by RP on April 19, 2023 Rating: 5

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