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General Motors (GM) disclosed on Wednesday that it had manufactured approximately 20,000 electric vehicles this year, which initially did not meet the criteria for EV tax credits. This setback occurred due to the imposition of new battery sourcing regulations by the U.S. Treasury on January 1, resulting in the ineligibility of many EV models for tax credits.
Subsequently, GM had to navigate changes in its supply chain to regain eligibility for certain models. The automaker has since managed to restore eligibility for several EVs, including the Blazer EV and Cadillac Lyriq, following adjustments in its sourcing practices. Speaking on the matter, GM’s Chief Financial Officer, Paul Jacobson, stated that during a 60-day span this year, the company produced the aforementioned 20,000 EVs that did not meet the qualifying criteria for tax credits.
Subsequently, GM had to navigate changes in its supply chain to regain eligibility for certain models. The automaker has since managed to restore eligibility for several EVs, including the Blazer EV and Cadillac Lyriq, following adjustments in its sourcing practices. Speaking on the matter, GM’s Chief Financial Officer, Paul Jacobson, stated that during a 60-day span this year, the company produced the aforementioned 20,000 EVs that did not meet the qualifying criteria for tax credits.
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