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Electric Vehicles News
BMW, the German automotive giant, is making a hefty investment of $866 million with the goal of producing both electric vehicles and batteries in Mexico. A significant portion of the funds, over half, will be utilized to enhance its San Luis Potosí plant. The revamp will see the inclusion of a state-of-the-art battery assembly center, a refurbished body shop, and a brand-new assembly line for on-site battery production. To accommodate the increased production, BMW will also hire an extra 1,000 employees, with half dedicated to battery production and the other half working on assembly lines.
BMW is also making strategic investments in the United States, with an ambitious goal to fully manufacture six electric vehicles by 2030, and to take advantage of the federal tax credits that are required to be domestically sourced and produced in North America. The company intends to ramp up battery production by 2027 and commence electric vehicle production shortly thereafter, solidifying its position as a leader in the electric vehicle industry.
In Other EV News
The US Treasury has changed the definition of an “SUV” for tax credits, allowing for more electric vehicles from automakers like Tesla, GM, and Ford to be eligible for up to $7,500 in federal tax credits at higher prices. The retail price cap has been raised from $55,000 to $80,000 for vehicles like the Tesla Model Y, Cadillac Lyriq, Ford Mustang Mach-E, and Volkswagen’s ID.4.
Because of the above, it looks like Tesla raised the price of its Model Y. The change allows more vehicles, including the Model Y, to qualify for the credit. The Model Y Long Range now costs $1,500 more at $54,990, while the Model Y Performance went up by $1,000 to $57,990.
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