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Chevrolet Volt
Bush signs bill which grants the Volt a $7,500 tax credit

In mid-September, DailyTech brought you news that congress was working on a new round of tax credits targeted at plug-in electric/hybrid vehicles. The tax credits were projected to weigh in at $3,000 for plug-in vehicles with at least a 6 kWh battery and top out at $7,500.

Toyota, which sells its Prius featuring a 1.3 kWh battery pack, balked at the tax credits as its hybrids wouldn't even qualify for the entry-level tax credit. Toyota also was unhappy that the only vehicle in the near future likely to qualify for the maximum $7,500 tax credit is the Chevrolet Volt.

Despite its opposition, Toyota's fears became law last week when President Bush signed the legislation which passed in the House by a vote of 263 to 171 as a part of the massive $700 billion Wall Street bailout package. The entire 10-year tax package for plug-in electric/hybrid vehicles is worth $1 billion.

Requirements to qualify for the tax credit have changed slightly since its inception in the Senate. The 6 kWh battery minimum dropped down to 4 kWh, while the base tax credit rose from $3,000 to $4,168. The maximum credit remains at $7,500 for the Chevrolet Volt with its 16 kWh lithium-ion battery pack.

The Chevrolet Volt gets its primary power from a 150 HP, 273 lb-ft electric motor. A 1.4 liter gasoline engine is also used to recharge the lithium-ion battery pack once the Volt's 40-mile battery range is depleted. According to GM, the Volt can save customers $1,500 per year in fuel costs based on a daily commute of 40 miles.

The $7,500 tax credit should go a long way towards making the Chevrolet Volt more affordable. Current estimates place the base price of the vehicle at $40,000 or higher.



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RE: Not Enough at $699 Billion
By Samus on 10/6/2008 1:21:40 AM , Rating: 5
The Volt should be considered a luxury car. It's going to be pretty fast, its pretty light (compared to a Prius at least) and it's cutting edge. So, comparing it to a $20,000 car is like comparing a Audi to a VW, or a Volvo to a Ford. They're engineered by the same people and sometimes even come from the same factories, but they are completely different animals.

Have you not seen the inside of the Volt? It's like a life-sized iPod ;) Just so you know who this vehicle is targeting.


RE: Not Enough at $699 Billion
By paydirt on 10/6/2008 8:58:18 AM , Rating: 2
$20,000 to be officially cool. Not too shabby.


RE: Not Enough at $699 Billion
By silversound on 10/6/08, Rating: 0
"Well, we didn't have anyone in line that got shot waiting for our system." -- Nintendo of America Vice President Perrin Kaplan

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