📝Stellantis-UAW Agreement Reveals…

5 minutes or less! IRS to allow tax credits at point-of-sale, SK On and Polestar agreement, Tesla’s affordable EV, price wars cut prices, Rivian’s CEOs thoughts regarding gas-powered cars, and so much more.

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The Stellantis-UAW agreement disclosed plans for American factories and upcoming models, including the transition of the Jeep Wrangler to electric in 2028 with a hybrid option.
The Internal Revenue Service has launched a portal allowing electric vehicle sellers to register and provide the federal EV tax credit of up to $7,500 as an immediate discount to buyers.
SK On, a prominent EV battery manufacturer, has signed a battery cell supply agreement with Swedish EV manufacturer Polestar, ensuring the supply of battery cells for Polestar's flagship EV model, the Polestar 5, starting in 2025.
With a price tag of $27,000, Tesla is planning to produce an EV at its Berlin Gigafactory, to offer a more affordable option for electric vehicle buyers and boost the transition to EVs, although the production start date has not been specified yet.
Air luxury sedan prices were reduced by Lucid Group, including the Air Touring model to $87,500 from $95,000 and the Grand Touring by $10,000 to $115,600, in response to intense competition amid high-interest rates and a broader EV price war.
In October, Volvo Car USA and Canada collectively sold 12,446 cars, a 26 percent increase from the previous year, with Recharge models experiencing a 34% growth, and for the first ten months of 2023, the region recorded sales of 113,672 cars, marking a more than 26% increase, as Recharge models constituted 30% of total sales.
The CEO of Rivian Automotive, R.J. Scaringe stated that purchasing an internal-combustion engine vehicle would soon lead to regret as electric vehicle progress continues, with gas stations disappearing and EV adoption growing, emphasizing the shift in consumer attitudes and positive policy decisions for EVs.
Volvo Car USA has unveiled its 2024 lineup with various models and trim levels, featuring two new fully electric powertrain options on the C40 Recharge starting at $53,000 and XC40 Recharge starting at $40,000, marking the return of rear-wheel drive cars after 25 years and introducing the Black Edition styling option.
Chinese electric vehicle giant BYD is reportedly planning to construct its first car factory in Europe in Hungary, with the decision having been made internally and an official announcement expected by the end of the year.
Volvo has launched Volvo Cars Energy Solutions, a new business unit that offers energy storage and charging-related technologies and services, including bi-directional charging and vehicle-to-grid programs.

Tax Talk

I was talking to someone who works for a major car manufacturer a couple of weeks ago and he didn’t think they were going to participate in the point-of-sale discount. I think this is a major mistake on their part and something that they should consider.

We can argue about whether the government (Federal and State) should provide incentives, but if the incentives are available, these manufacturers should absolutely take advantage. If I have the option of two EVs and one comes with a $7,500 immediate discount, it’s going to be very hard to consider a different vehicle that isn’t offering the same incentive.

I look forward to seeing how this new portal will play out, who will participate, and how easy this process will be. Car buying outside of Tesla, Rivian and other non-traditional car manufacturers has always been an easy process. Right?