Volkswagen MY23 and MY24 ID.4s are eligible for full $7,500 US Federal Tax Credit
London,31 January 2024, (Oilandgaspress) –Volkswagen is pleased to announce that the Volkswagen MY23 ID.4 with SK On battery components and MY24 Volkswagen ID.4 models (when released with SK On components) that are placed in service in 2024 will be eligible for the full $7,500 Federal Tax Credit on a purchase by a qualifying purchaser, making the ID.4 not only extremely affordable, but competitive with conventional compact SUVs. MY24 ID.4 qualification is based on current battery supply, but because vehicle qualification in 2024 is dependent on batteries not yet produced, qualification is subject to change. Volkswagen is optimistic that MY24 ID.4 vehicles will qualify during the entirety of 2024, and will provide updates when received.
Based on fueleconomy.gov, to date, Volkswagen is the only foreign automaker that has a full battery electric vehicle that is eligible for the full Federal Tax credit, thanks to local assembly and sourcing. Starting in 2024, eligible customers may elect to apply the tax credit as a down payment on the purchase of an eligible EV at point of sale by transferring the credit to participating dealers.
Since launch, the ID.4 has proved to be a popular EV in the marketplace, bringing new buyers both to the Volkswagen brand and to e-mobility. In 2023, the ID.4 was the fifth best-selling EV in the U.S. market and sales were up 84% over 2022.
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