General Motors shared Monday that it now leads the industry in the number of EV models that qualify for the full $7,500 tax credit. GM expects its entire lineup of electric vehicles under the MSRP cap to be eligible for the full EV tax credit in 2023.
After selling over 20,000 fully electric models in the first three months of the year, GM overtook Ford as the second-largest EV maker in the US.
GM’s CEO, Mary Barry, says the automaker is “different from the rest of the traditional OEMs” and this is going to be their year to show it. A big part of the leader’s confidence comes from GM’s scalable Ultium EV platform and battery venture.
The Ultium platform is the heart behind GM’s EV strategy. Designed to fit compact EVs, like the Chevy Equinox, all the way to fully electric commercial vans, like the Brightdrop, and everything in between, GMs Ultium platform can power models across various price points at scale.
In addition, with battery supply becoming a “production constraint” for many, including Ford, GM is in the midst of building at least three battery cell plants in the US in collaboration with LG Energy.
The first, in Warren, Ohio, began producing battery cells this past August, while its second in Spring Hill, Tenessee, next door to where the Cadillac Lyriq is built, is expected to begin production later this year. The Lansing, Michigan, location is under construction and expected to go online in late 2024.
When all three facilities are at full capacity, GM expects to have over 130 GWh battery cell capacity.
The investments are already paying off as GM is now expecting all of its electric vehicle models under the MSRP cap to qualify for the full $7,500 EV tax credit this year.
Which GM models qualify for the EV tax credit in 2023?
According to GM’s press release Monday, the automaker expects all of its fully electric models to qualify for the tax credit if they are under the MSRP cap.
These include the following:
- Cadillac Lyriq
- Chevy Bolt EV
- Chevy Bolt EUV
- Chevy Equinox EV SUV
- Chevy Blazer EV SUV
- Chevy Silverado EV
GM says fleet customers, including those for Brighdrop and the new Chevy Silverado EV, will be eligible for the $7,500 commercial tax incentive.
As you can see, other than the Bolt EV/EUV, which has been on the market for several years, Chevy has a big lineup of electric vehicles dropping this year.
The all-electric Chevy Blazer EV will be available later this spring, while the Chevy Equinox EV and Chevy Silverado EV pickup are expected to be available this fall.
Chevy Bolt EV inventory running low
According to sources speaking to GM Authority, dealer inventory of the Chevy Bolt EV was especially low going into this month.
The latest information shows Chevy Bolt EV inventory was running at a six-day supply at the beginning of April, with under 200 (174) models at dealerships at the time.
To illustrate, GM sold 19,700 Chevy Bolt EV/EUV models in the first three months of 2023. The Chevy Bolt EV, starting at $26,500, and the Bolt EUV, starting at $27,800, are some of the most affordable EVs available today.
The short inventory is due to soaring demand for affordable EVs, as evidenced by GM’s first-quarter delivery totals.
Meanwhile, GM said it would ramp Chevy Bolt EV/EUV production to 70,000 units this year to meet demand, representing a 59% jump from last year’s 44,000 models produced.
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