backtop


Print 110 comment(s) - last by xti.. on Oct 10 at 2:42 PM


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.



Comments     Threshold


This article is over a month old, voting and posting comments is disabled

RE: GM Bailout
By The0ne on 10/6/2008 4:04:09 PM , Rating: 2
It's fine and dandy if the US automakers want to milk the consumers due to the demand but when the trend starts shifting and you start seeing competitors rack up profits from fuel efficient vehicles you should start re-thinking your plan. This they knew and decided against it. They even said it themselves! So then why should I care if they go down due to their bad decisions? I don't. But I do care that the government is helping bail them out in this so call loan much like what they are doing to the Financial institutions.

Someone has to pay for the mistakes or we'll all be damn to pay for mistakes idiots make over and over again. We're not talking small change here either.


RE: GM Bailout
By Spuke on 10/6/2008 6:58:56 PM , Rating: 2
quote:
shifting and you start seeing competitors rack up profits from fuel efficient vehicles you should start re-thinking your plan.
Right now, no one is racking up profits. LOL! All of the car makers are in the toilet in sales.


"Google fired a shot heard 'round the world, and now a second American company has answered the call to defend the rights of the Chinese people." -- Rep. Christopher H. Smith (R-N.J.)

Related Articles













botimage
Copyright 2014 DailyTech LLC. - RSS Feed | Advertise | About Us | Ethics | FAQ | Terms, Conditions & Privacy Information | Kristopher Kubicki