Analysts are still sizing up the impact of the Inflation Reduction Act, and now see it more than doubling EV sales. Green Car Reports starts looking at the effects of the EV leasing loophole using federal money to cut the cost of imported and luxury-brand EVs. And we get a complete picture of how much the 2024 Kia EV9 costs. This and more, here at Green Car Reports.
Kia has provided full pricing details for the upcoming 2024 EV9 three-row electric SUV. While the EV9 Light with an expected 225-mile range starts at $56,495, the 300-mile Light Long Range starts at $60,695 and the top-trim GT-Line model goes for $75,395. That means all of the versions will slot under the $80,000 ceiling of the U.S. EV tax credit, qualifying for some of it once U.S. EV9 production ramps up in 2024.
The Inflation Reduction Act (IRA) was enacted in August 2022, and it seems that the vehicle market, auto industry, and everything associated with plugging in are collectively still coming to terms with its far-reaching effects. A new analysis by S&P Global Mobility suggests that the IRA could more than double U.S. EV sales versus previous projections from the firm—to more than 4.6 million EVs annually by the end of the decade.
And the IRA introduced more restrictions on the EV tax credit, emphasizing American-made and American-sourced, as well as price and income caps. But it also opened up a potential floodgate of federally subsidized EV leases with the “leasing loophole” written into the Commercial Clean Vehicle Credit. Has the “leasing loophole” driven more EV shoppers to lease vs. buy? Although it’s early and automakers across the board declined comment, the data is already suggesting: Definitely yes.