With the new electric vehicle federal tax credit rules for 2024 capping eligibility at $80,000 MSRP and introducing new conditions for where battery minerals are sourced and processed, many vehicles, even ones built in the US that previously qualified, no longer met the requirements. At the start of 2024, GM announced that it would cover the lost federal tax credit for models that became ineligible by offering its own incentive program through what it calls the Ultium Promise Bonus.
