GM and Ford face temporary loss of electric vehicle tax credits in 2024\n\nGeneral Motors and Ford Motor Company have announced that several of their vehicles will no longer be eligible for electric vehicle tax credits in the U.S. beginning on January 1, 2024. This news comes after guidance released by the Biden administration on December 1, limiting Chinese components in batteries. The move may be a part of Biden’s broader attempts to bolster the clean energy industry in the U.S. against cheaper Chinese exports.\n\nAccording to the companies, the Cadillac Lyriq, Chevrolet Blazer, E-Transit, Mach-E, and Lincoln Aviator Grand Touring plug-in hybrid will lose eligibility for the tax credit. Ford’s F-150 EV Lighting and Lincoln Corsair Grand Touring will still be eligible, along with the Chevrolet Bolt EV.\n\nThis temporary loss of tax credits is due to two minor components in the affected vehicles, and GM expects eligibility to return for the Lyriq and Blazer in early 2024. The company has developed sourcing plans for qualifying components and stated that the Chevrolet Equinox EV, Chevrolet Silverado EV, GMC Sierra EV, and Cadillac OPTIQ produced after the sourcing change will be eligible for the full incentive.\n\nThis news highlights the impact of the Biden administration’s policies on the automotive industry and the ongoing competition between the U.S. And China in the clean energy sector. While some may see this as a setback for GM and Ford, both companies remain confident in their turnaround plans and expect strong results in the second half of the year.\n\n GM and Ford have announced that select models will lose eligibility for electric vehicle tax credits in 2024 due to two minor components in the vehicles.