Phoenix Motor EVs Eligible For Tax Credit Under Inflation Reduction Act
Phoenix Motor Inc (NASDAQ: PEV) has become a qualified manufacturer for commercial clean vehicle credit under the Inflation Reduction Act.
Phoenix Motorcars' all-electric commercial vehicle models weighing greater than 14,000 pounds gross vehicle weight rating (GVWR) are eligible for up to $40,000 in tax credits.
Tax credits for vehicles weighing less than 14,000 pounds GVWR are available up to $7,500.
The vehicles available for tax credit include Phoenix Shuttle Buses, Phoenix Trucks, and Phoenix School Buses.
"We are proud to be able to provide clean, safe and environment friendly transportation for those seeking purpose built, all electric vehicles including trucks, buses and cargo vans," said CEO Lance Zhou.
On January 1, 2023, the commercial clean vehicle credit became available to businesses and tax-exempt organizations for the purchase of new electric vehicles to incentivize the adoption of electric vehicles and support domestic production.
Phoenix designs, builds, and integrates electric drive systems and light and medium duty EVs and sells electric forklifts and electric vehicle chargers for the commercial and residential markets.
Price Action: PEV shares are trading lower by 2.88% at $1.01 on the last check Friday.
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This article Phoenix Motor EVs Eligible For Tax Credit Under Inflation Reduction Act originally appeared on Benzinga.com
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