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Volkswagen recently stated that VW Model Years (MY) 2023 and 2024 ID.4 vehicles equipped with SK On battery components are eligible for the full $7,500 federal tax credit for electric vehicles under the Inflation Reduction Act (IRA).
Volkswagen ID.4 With SK ON Battery Components Qualified For Maximum $7,500 Tax Credit in 2024
The 2023 ID.4 starts at $38,995 for the Standard model, which has a 62 kWh battery and an EPA-estimated range of 209 miles. Volkswagen offers the 2023 ID.4 with two battery and powertrain options. The ID.4 Pro features an 82 kWh battery with an EPA-estimated range of 275 miles, as per Teslarati.
Only VW ID.4 models with SK On batteries are eligible for federal tax credits. Volkswagen ID.4 EVs with LG batteries are not eligible.
Customers interested in purchasing a MY 2023 or MY 2024 ID.4 EV may use the tax credit as a down payment. The VW ID.4 qualifies for an EV tax credit at the point of sale by distributing the tax incentive to participating dealers.
Volkswagen warns that qualifying for MY 2024 ID.4 units is susceptible to change because it is based on batteries that have not yet been built. The present qualification for MY 2024 ID.4 units is based on existing battery supplies.
VW anticipates that the MY24 ID.4 EV will qualify for the entire year of 2024. It will notify clients of changes to the My 2024 ID. 4's qualifications.
Volkswagen ID. 4's Competitive Pricing Bolsters U.S. EV Market, Backed by IRA Tax Credit and Local Production
In its announcements, the German carmaker stated that the VW ID. 4's pricing range is comparable with traditional compact SUVs because it is eligible for the IRA tax benefit. It also noted that Volkswagen is the only foreign automaker to qualify for the full EV tax credit without exploiting any loopholes.
"This is great news for consumers in the U.S. because it expands the choice of truly affordable EVs. The ID.4 is already one of the lowest-priced electric SUVs on the market, and the $7,500 Federal Tax Credit makes it even more attainable," Pablo Di Si, President and CEO of Volkswagen Group of America, stated.
"This shows that we made the right decision to localize [the] assembly of the ID.4 in Tennessee and invest even further in battery production, components, and innovation. Every ID.4 sold supports thousands of American jobs and helps advance our goal of a carbon-neutral future," he furthered.
Photo: Erik Mclean/Unsplash
