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Reading: Volkswagen assures MY 23-24 ID.4 prospective buyers with full $7,500 tax credit eligibility in the US
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EV-a2z > News > Volkswagen assures MY 23-24 ID.4 prospective buyers with full $7,500 tax credit eligibility in the US
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Volkswagen assures MY 23-24 ID.4 prospective buyers with full $7,500 tax credit eligibility in the US

EV-a2zm
Last updated: 2024/01/25 at 11:21 PM
EV-a2zm Published January 25, 2024 3 Min Read
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VOLKSWAGEN VW ID.4 is a suv electric car based on the MEB platform
VOLKSWAGEN VW ID.4 is a suv electric car based on the MEB platform
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Volkswagen announced Wednesday that most of its  ID.4 in the 2023-2024 Model Year will gain access to federal tax credits of up to $7,500 this year under the US Inflation Reduction Act.

Contents
CoverageVW ID. 4’s power and performance

#News VW says ‘most’ 2023, 2024 ID.4s will get full $7,500 EV tax credit https://t.co/Z6oCBY4lY4 pic.twitter.com/R3dHnfCQfU

— Flyin18T Motorsports (@Flyin18T) January 24, 2024

Coverage

According to the press release, Volkswagen is the only foreign brand that meets the US‘ stringent component sourcing requirements to qualify for the IRA’s tax credits in 2024.

True enough, Volkswagen’s MY 23 ID.4s using SK On’s battery components and selling at a base MSRP of $38,995 are eligible for the $7,500 EV incentive in the US starting this year. In addition, the upcoming MY 24 ID.4s will also benefit from the same amount when they hit the market.

Volkswagen noted that it based the MY 24 ID. 4’s qualification on its current battery supply. However, these models can still lose their eligibility, depending on the production of the new battery packs once the current supply lasts.

“This is great news for consumers in the US 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. This shows that we made the right decision to localize 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.”

Pablo Di Si, President and CEO of Volkswagen Group of America

VW ID. 4’s power and performance

The Volkswagen ID.4 is undoubtedly a competitive electric vehicle model currently available in the market today. 

In fact, it advanced to become the fifth most popular EV in the US last year with a year-on-year sales growth of 84%.

The 10 Best-Selling EVs of 2023 in the United States:

1) Tesla Model Y: 394,497
2) Tesla Model 3: 220,910
3) Chevrolet Bolt EV/EUV: 62,045
4) Ford Mustang Mach-E: 40,771
5) Volkswagen ID.4: 37,789
6) Hyundai Ioniq 5: 33,918
7) Rivian R1S: 24,783
8) Ford F-150 Lightning: 24,165… pic.twitter.com/MfRYYKTnaP

— Sawyer Merritt (@SawyerMerritt) January 16, 2024

It offers two battery configurations and two powertrains. The ID.4 Standard model features a 62kWh battery that can generate an EPA-estimated range of 209 miles. It currently sells at a base MSRP of 38,995. Meanwhile, the ID.4 Pro has an 82 kWh battery, enabling a 275-mile EPA-estimated range. The ID.4 AWD Pro delivers an EPA-estimated range of 255 miles and a maximum output of 295 horsepower.

The MY 23-24 Volkswagen ID. 4’s federal tax credit qualification is indeed good news for prospective buyers. Starting this year, eligible buyers can use the incentive as a down payment at the point of sale by transferring the tax credits to a dealer.

However, buyers must keep in mind that 2023 ID.4s with LG components are not eligible for the full tax credit. Interested customers can check the model’s window sticker (Monroney label) to determine the specific battery component manufacturer.

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TAGGED: Electric Vehicle, EV, USA, Volkswagen, Volkswagen ID.4
EV-a2zm January 25, 2024 January 25, 2024
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