Volkswagen recently announced that the VW ID.4 models from 2023 and 2024, equipped with SK ON battery components, qualify for the full $7,500 tax credit under the Inflation Reduction Act (IRA) for electric vehicles.
The 2023 ID.4 has a starting price of $38,995 for the Standard variant, which comes with a 62 kWh battery and achieves a range of 209 miles according to the Environmental Protection Agency (EPA) ratings. Volkswagen sells the 2023 ID.4 in two battery and drivetrain variants. The ID.4 Pro has an 82 kWh battery and achieves a range of 275 miles as per EPA ratings.
Only ID.4 units with SK ON batteries qualify for the tax credit. ID.4 EVs with LG batteries do not meet the requirements for this credit.
Customers interested in purchasing a 2023 or 2024 ID.4 EV can choose to apply the tax credit as a down payment for their vehicle. The ID.4 is eligible for the tax credit at the time of sale, by transferring the credit to select dealers.
Volkswagen notes that qualifications for the 2024 ID.4 units may change as they depend on batteries that have not been produced yet. The current qualifications for 2024 ID.4 units are based on current battery supplies.
VW is optimistic and expects the 2024 ID.4 EV to qualify for the full year of 2024. They will keep customers informed about updates regarding the qualifications of the 2024 ID.4.
The German car manufacturer stated that qualification for the Monetary Reduction Act (IRA) tax incentive makes the price range of the Volkswagen ID.4 competitive compared to conventional compact SUVs. They also highlight that Volkswagen is the only foreign car manufacturer that meets the requirements for full tax credit for electric vehicles without using any legal loopholes.
“This is great news for American consumers as it expands the choice of truly affordable electric vehicles. The ID.4 is already one of the most affordable electric SUVs on the market, and the additional $7,500 tax credit makes it even more accessible.
“This shows that we made the right decision to locate ID.4 assembly in Tennessee and further invest in battery production, components, and innovations. Every ID.4 sold supports thousands of jobs in the United States and contributes to our goal of achieving carbon neutrality in the future,” said Pablo Di Si, President and CEO of Volkswagen Group of America.
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