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Cadillac LYRIQ EV Qualifies For Full $7500 Tax Credit - GM Is Busy Revamping Supply Chains
Mar 12, 2024
Learn about the Cadillac LYRIQ qualifying for the $7,500 tax credit, the evolution of federal EV tax credits, and GM's supply chain revamp. Discover how to determine eligibility for the tax credit and the impact on future EV models like the Honda Prolog and Blazer EV.
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Quick takeaways
- Cadillac LYRIQ qualifies for full $7500 tax credit, impacting EV market dynamics.
- Federal tax credit incentives crucial in driving EV adoption, require initiation and approval at sale.
Deep dives
Federal Tax Credit Eligibility for Cadillac Lyric
The Cadillac Lyric officially became eligible for the full $7,500 federal tax credit on February 21, 2024. To qualify for the tax credit, the EV must be under specific price thresholds, with assembly in the US. Half of the tax credit is based on critical mineral requirements and the other half on battery components. Despite previous incentives offered by Cadillac, this change now enables the vehicle to qualify for both requirements.
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