General Motors (GM) expects the Chevrolet Silverado EV to get the Inflation Reduction Act’s (IRA) full $7,500 tax credit. The legacy automaker recently announced that its customers will benefit from the full $7,500 clean vehicles purchase incentive across its entire EV fleet lineup under a given MSRP cap.
“Fleet customers including for BrightDrop and the Chevrolet Silverado EV will benefit from the $7,500 commercial incentive,” stated General Motors.
Chevrolet, a GM brand, unveiled the Silverado EV earlier this year. The all-electric pickup truck is scheduled to launch by 2024. The Chevrolet Silverado EV will be equipped with GM’s Ultimum Platform and probably the Ultium battery pack. The Ultium line will likely adhere to the U.S. Treasury’s proposed guidance on critical minerals and battery component requirements. If it does, the Silverado EV will qualify for the IRA’s full $7,500 EV tax credit.
The requirements to qualify for the $7,500 incentive take effect on April 18. GM issued a list of electric vehicles in its lineup that would qualify for the full EV credit. The EVs that qualified for the incentive are listed below.
- Cadillac LYRIQ
- Chevrolet Bolt EV
- Chevrolet Bolt EUV
- Chevrolet Equinox EV SUV
- Chevrolet Blazer EV SUV
- Chevrolet Silverado EV
Due to their MSRP price, the GMC Hummer EV Pickup and GMC Hummer EV SUV were not included in the legacy automaker’s list. The Hummer pickup truck and SUV have price tags above the $80,000 cap.
General Motors heavily invested in battery minerals and battery facilities in the United States to meet the U.S. Treasury’s proposed battery requirements for EV tax incentives. For instance, GM entered into a joint venture with LG Energy Solution to build lithium-ion battery cell manufacturing facilities in Ohio, Tennessee, and Michigan.
“We have already shared our excitement that GM is well-positioned to help maximize the benefits of the clean vehicle purchase incentive for our customers, made possible by GM’s historic investments in the U.S. to transform our portfolio, strengthen American manufacturing and jobs, and localize and build more secure and resilient supply chains,” noted GM in its announcement. “Because of these investments GM now leads the industry in the number of models qualifying for the full $7,500 consumer incentive, and we’re just getting started.”