Automakers raise prices of EVs, canceling out tax credits offered in Democrats' Inflation Reduction Act

[excalibur]

The entire 'Act' is a boondoggle, a taking of money from the working class/middle class to special interests and benefits for the wealthy.

On Tuesday, President Biden signed the $740 billion Inflation Reduction Act into law. Included within the new legislation is $369 billion to tackle climate change, with a number of proposals to woo Americans into going green.

Among them is a proposed tax credit for electric vehicles. In the weeks prior to the bill becoming law, however, many automakers announced price hikes that effectively cancel out the $7,500 discounts offered by the government.

Ford, for example, unveiled "updated pricing" last week, with electric vehicles in its lineup costing consumers $6,000 to $8,500 more than the previous year.
General Motors also announced that its flagship electric vehicle, the Hummer, would be going up in price by $6,250.

As the Associated Press reports, in many cases consumers will not even be able to take advantage of the tax credits offered by the Biden administration's new legislation, since most current electric vehicles would not even qualify.

In order to receive the credit, the electric vehicle being purchased must have a battery that was built in North America with components that have been mined or recycled on the continent.

According to John Bozzella, CEO of the Alliance of Automotive Innovation, only twenty-two of the seventy-two currently available electric, hydrogen, or plug-in hybrid models in the US would be eligible for the tax credit under the new rules.

...​

Automakers raise prices of EVs, canceling out tax credits offered in Democrats’ Inflation Reduction Act

In the weeks prior to the bill becoming law, many automakers announced price hikes that effectively cancel out the $7,500 discounts offered by the government.

thepostmillennial.com

 

[JGalt]

The Democrats got their asses "Galted" by the big, powerful EV industry!!!

I fuckin' love it.

 

[Resnic]

The current administration doesn't care because they still get the illusion that they are helping middle Americans and that they care about the environment. That's all that matters to them is the illusion. They care very little about actually doing anything, they just want to sit around and sign papers and pat themselves on the back.

 

[Calypso Jones]

so....we're supposed to sit here and pretend they didn't have their heads together on this...meaning the auto manufacturers and the biden Regime?

 

[task0778]

So, more money out there and higher prices than before. That, ladies and gentlemen is what inflation is all about.

 

[JGalt]

so....we're supposed to sit here and pretend they didn't have their heads together on this...meaning the auto manufacturers and the biden Regime?

Only if those idiots who rush of to by a pricey EV don't figure out that they're getting screwed. Then Biden will just throw the EV car companies under the bus and blame it on "greedy corporations."

I love how the best laid plans of rats and Democrats turn to shit, and they try to blame each other. I said from day one that the Biden administration was going to fail. I hoped for it, and I prayed for it.

And they haven't let me down yet.

 

[1srelluc]

The Democrats got their asses "Galted" by the big, powerful EV industry!!!

I fuckin' love it.

I bet the chi-coms are werry happy.

 

[Polishprince]

If there are tax rebates available, a car manufacturer would be awfully stupid not to consider their availability when they set the price for their vehicles.

 

[DGS49]

I don't know about anybody else, but when I make a major purchase - like a car - I run the numbers . For my next car (to replace my wife's BMW 3-Series) I will compare the latest version of that - which has been the best we've ever owned - with a Tesla Model 3 and other EV's that are available at the time.

At 12,000 miles per year, her Beemer averages 25+ mpg and at $4/gal we spend about $2,000 on gas. The best EV are rated at 100mpge, which would indicate, very roughly, a $1,500/year savings in fuel cost. If we keep the car for five years that is $7500 in fuel cost savings. There is a chance that either car will be difficult to sell for a variety of reasons, but that's unpredictable.

So if I find comparable cars with the EV premium less than $7,500, it might be worth making the switch. The way we drive, one of our cars doesn't do trips, while the other one does. The EV would be our around town car.

If the EV increases in cost by seven thousand, that pretty much takes it out of consideration. Other than that I have no preference; I'll buy either one.

 

[JGalt]

I bet the chi-coms are werry happy.

As much as I hate CHICOMs, it is funny. That idiot Biden got Galted by a bunch of rich Chinese industrialists.

Ohhh teh irony.

 

[1srelluc]

As much as I hate CHICOMs, it is funny. That idiot Biden got Galted by a bunch of rich Chinese industrialists.

Ohhh teh irony.

I wonder what Tater's cut is?

 

[Calypso Jones]

Did you read the restrictions they put on the tax credits?? It will be virtually impossible to get this tax credit...and then like most things the left does.....will you have to pay that 7500 back to the gov't over a certain number of years. Don't fall for that.

I'm never going to buy an EV and i predict it is going to fail.

 

[Rambunctious]

Can elected dems really be this dumb... everyone saw this coming... so the car companies get our tax rebates... Buuuaaaaahahahahahaha
Does Hunter work for Ford now?....

 

[JGalt]

I wonder what Tater's cut is?

I'm not sure about that. I think that by now, the CHICOMS have gotten everything they wanted from that useful idiot. Once that happened, they probably withdrew any opportunity for Mr Potato Head to make any profit. China probably looks at him with disdain now, like he's an ass-clown or something

They don't have to give him anything now, because they know he's already been compromised. All the CHICOMS are doing now is holding that over his head, knowing they could ruin him by revealing what they know. So Biden still jumps when they say "jump", because even he knows what kind of dirt the Chinese have on him.

 

[Independentthinker]

The entire 'Act' is a boondoggle, a taking of money from the working class/middle class to special interests and benefits for the wealthy.

​

On Tuesday, President Biden signed the $740 billion Inflation Reduction Act into law. Included within the new legislation is $369 billion to tackle climate change, with a number of proposals to woo Americans into going green.​

​

Among them is a proposed tax credit for electric vehicles. In the weeks prior to the bill becoming law, however, many automakers announced price hikes that effectively cancel out the $7,500 discounts offered by the government.​

​

Ford, for example, unveiled "updated pricing" last week, with electric vehicles in its lineup costing consumers $6,000 to $8,500 more than the previous year.​

General Motors also announced that its flagship electric vehicle, the Hummer, would be going up in price by $6,250.​

​

As the Associated Press reports, in many cases consumers will not even be able to take advantage of the tax credits offered by the Biden administration's new legislation, since most current electric vehicles would not even qualify.​

​

In order to receive the credit, the electric vehicle being purchased must have a battery that was built in North America with components that have been mined or recycled on the continent.​

​

According to John Bozzella, CEO of the Alliance of Automotive Innovation, only twenty-two of the seventy-two currently available electric, hydrogen, or plug-in hybrid models in the US would be eligible for the tax credit under the new rules.​

​

...​

Automakers raise prices of EVs, canceling out tax credits offered in Democrats’ Inflation Reduction Act

In the weeks prior to the bill becoming law, many automakers announced price hikes that effectively cancel out the $7,500 discounts offered by the government.

thepostmillennial.com

Who wooda ever thunk this would happen?

 

[MinTrut]

The entire 'Act' is a boondoggle, a taking of money from the working class/middle class to special interests and benefits for the wealthy.

​

On Tuesday, President Biden signed the $740 billion Inflation Reduction Act into law. Included within the new legislation is $369 billion to tackle climate change, with a number of proposals to woo Americans into going green.​

​

Among them is a proposed tax credit for electric vehicles. In the weeks prior to the bill becoming law, however, many automakers announced price hikes that effectively cancel out the $7,500 discounts offered by the government.​

​

Ford, for example, unveiled "updated pricing" last week, with electric vehicles in its lineup costing consumers $6,000 to $8,500 more than the previous year.​

General Motors also announced that its flagship electric vehicle, the Hummer, would be going up in price by $6,250.​

​

As the Associated Press reports, in many cases consumers will not even be able to take advantage of the tax credits offered by the Biden administration's new legislation, since most current electric vehicles would not even qualify.​

​

In order to receive the credit, the electric vehicle being purchased must have a battery that was built in North America with components that have been mined or recycled on the continent.​

​

According to John Bozzella, CEO of the Alliance of Automotive Innovation, only twenty-two of the seventy-two currently available electric, hydrogen, or plug-in hybrid models in the US would be eligible for the tax credit under the new rules.​

​

...​

Automakers raise prices of EVs, canceling out tax credits offered in Democrats’ Inflation Reduction Act

In the weeks prior to the bill becoming law, many automakers announced price hikes that effectively cancel out the $7,500 discounts offered by the government.

thepostmillennial.com

Yup.

UBI would create the same problems, including massive inflation.