Edmunds.com Clarifies Federal Tax Credit Not Just for Electric Vehicles; Chevy Volt, Nissan Leaf and Toyota Prius PHEV to Qualify
SANTA MONICA, Calif. -- October 14, 2010 -- Edmunds.com, the premier online resource for automotive information, today pointed out that the $7,500 federal tax credit known as the "New Qualified Plug-In Electric Drive Motor Vehicle Credit," is not just for electric vehicles, but rather is for any vehicle with a battery of a qualifying size.
"Stating that the Chevy Volt qualifies for the tax credit does not mean that the feds have declared it to be an EV," explained Edmunds' GreenCarAdvisor.com Senior Editor John O'Dell. "It is expected that the Toyota Prius PHEV also will qualify for a credit from the same fund as the Volt, but Toyota does not now and never has classified the Prius PHEV as an 'EV.' It is a hybrid electric vehicle, 'hybrid' for short."
To qualify for the credit a vehicle has to have an electric drive system, but can also have a gas engine or some other form of propulsion. Vehicles with batteries of at least four kWh qualify for a tax credit of $2,500, and as the battery gets bigger the credit steps up to a maximum of $7,500. It is expected that the Chevy Volt and the Nissan Leaf will qualify for the maximum credit.
For specific information on the vehicles that qualify for federal tax credits, please see http://www.edmunds.com/fuel-economy/car-tax-credit.html.
For driving impressions of the Chevy Volt, see http://www.autoobserver.com/2010/10/latest-controversy-aside-chevy-volt-a-shockingly-satisfying-drive.html.
About Edmunds.com, Inc. (http://www.edmunds.com/about/)
Edmunds.com Inc. publishes four Web sites that empower, engage and educate automotive consumers, enthusiasts and insiders. Edmunds.com, the premier online resource for automotive information, launched in 1995 as the first automotive information Web site. Its mobile site, accessible from any smartphone at www.edmunds.com, makes car pricing and other research tools available for car shoppers at dealerships and otherwise on the go. InsideLine.com is the most-read automotive enthusiast Web site. Its mobile site, accessible from any smartphone at www.insideline.com, features the wireless Web's highest quality car photos and videos. CarSpace is the most established automotive social networking Web site. AutoObserver.com provides insightful automotive industry commentary and analysis. Edmunds.com Inc. is headquartered in Santa Monica, California, and maintains a satellite office in suburban Detroit. Follow Edmunds.com on Twitter@edmunds and fan Edmunds.com on Facebook at http://www.facebook.com/edmunds.