Tax credits are a proven accelerator of electric vehicle (EV) adoption, and we appreciate the additional clarity and direction provided by Treasury’s proposed guidance on the clean vehicle purchase incentive.
We are excited that GM is well-positioned to help maximize these benefits for our customers, and we expect a number of our Ultium-based EVs, including the Cadillac LYRIQ and additional EVs launching this year like the Chevrolet Equinox EV SUV and Blazer EV SUV, to qualify for the full $7,500 credit in 2023. This is possible because of 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. This is a strategy that we have been executing for some time now that’s very well aligned with the goals of the U.S. government’s recently passed policies to accelerate EV production and adoption.
We also expect the Chevrolet Bolt EV and Bolt EUV to qualify for some level of credit even after the new rules go into effect on April 18, and will share an update in the near future. Chevrolet Silverado EV fleet customers will benefit from the $7,500 commercial incentive.