Happy New Year! This week, we have news on Tesla Sales, Rivian Sales, and EV Taxes Credits: Our Top EV News for the week of Jan 6, 2023.
Check out the full newsletter for the week which includes more Electric Vehicle News, and also news about Autonomous Vehicles. Check out this week's newsletter for more EV news.
Bio: John is the COO at EPG, a company focused on helping electric and autonomous vehicle companies hire the best talent. In addition to these services, EPG puts out an informative weekly newsletter dubbed Mobility EVo. You can sign up for the newsletter here.
Q4 Tesla
In the fourth quarter of 2022, Tesla produced over 439,000 vehicles and delivered over 405,000 vehicles. In 2022, vehicle deliveries grew 40% YoY to 1.31 million while production grew 47% YoY to 1.37 million. The Model 3 and Model Y made up around 95% of the total vehicles produced and delivered.
Tesla will hold a live Q&A webcast on Wednesday, January 25, 2023, at 5:30 p.m. Eastern Time to discuss the company's financial and business results and outlook. Tesla will post its financial results for the fourth quarter and a full year after the market closes on January 25th.
So Close
Rivian produced 10,020 vehicles at its facility in Illinois and delivered 8,054 vehicles during the same period. For the full year of 2022, Rivian produced 24,337 vehicles and delivered 20,332 vehicles. The goal for Rivian was 25,000 vehicles produced, so just slightly off from the target.
New
Who doesn’t enjoy a good skim of the IRS website, especially when it involves reducing your taxes? The US federal government offers a tax credit of up to $7,500 for the purchase of a new, qualified, plug-in EV or FCV that was placed in service on or after January 1, 2023, and meets certain income limitations.
To be eligible for the credit, the vehicle must have undergone final assembly in North America and have an MSRP of no more than $80,000 for vans, sport utility vehicles, and pickup trucks, or $55,000 for other vehicles. The manufacturer determines the eligibility of specific vehicles and must meet these requirements.
To determine if a specific vehicle meets the assembly requirements, the vehicle's VIN can be checked using the Department of Energy's VIN Decoder tool. The tax credit criteria for vehicles purchased in 2022 or earlier are different.
Used
Don’t you enjoy talking about taxes this time of year? How about potentially reducing your taxes for purchasing a used EV? Starting on January 1, 2023, if you buy a qualified used EV or FCV for $25,000 or less from a licensed dealer, you may be eligible for a used clean vehicle tax credit. The credit is equal to 30% of the sale price, up to a maximum of $4,000, and is non-refundable.
To be eligible, you must be an individual who bought the vehicle for personal use and not resale, not the original owner, not be claimed as a dependent on someone else's tax return, and not have claimed another used clean vehicle credit in the three years prior to the purchase. Your modified adjusted gross income must also be below certain thresholds based on your filing status.
In addition, the vehicle must have a model year at least two years prior to the year of purchase, have a gross vehicle weight rating of fewer than 14,000 pounds, have a battery capacity of at least 7 kilowatt hours, and be primarily used in the United States. To claim the credit, you must complete Form 8936 and include the VIN.
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