Talk about bad timing.
On the day Volkswagen unveiled a new electric midsize sedan that will be sold in the United States in 2024, new U.S. Treasury Department rules that went into effect Tuesday said the Chattanooga-built Volkswagen ID.4 and more than 60 other electric or plug-in hybrids won’t get any tax credits.
Tax credits for such cars were touted by the Biden administration as one of the top reasons for Congress to pass the 2022 Inflation Reduction Act, perhaps the biggest misnomer for a bill in recent history.
According to provisions of the Act, only 10 vehicles — not 10 car makers — will be eligible for the full $7,500 in tax credits. And you probably don’t know anybody who drives one the vehicles.
They include the Cadillac Lyriq, the Chevrolet Bolt and Bolt EUV, the Chevrolet Silverado electric pickup, the upcoming Chevrolet Equinox small SUV, the Chrysler Pacifica, the Ford F-150 Lightning pickup, the Lincoln Aviator Grand Touring plug-in hybrids and the Tesla Model Y.