GM expects entire EV lineup to qualify for full $7,500 tax credit as Bolt EV inventory runs low
General Motors shared Monday that it now leads the industry in the number of EV models that qualify for the full $7,500 tax credit. GM expects its entire lineup of electric vehicles under the MSRP cap to be eligible for the full EV tax credit in 2023.
After selling over 20,000 fully electric models in the first three months of the year, GM overtook Ford as the second-largest EV maker in the US.
GM’s CEO, Mary Barry, says the automaker is “different from the rest of the traditional OEMs” and this is going to be their year to show it. A big part of the leader’s confidence comes from GM’s scalable Ultium EV platform and battery venture.
The Ultium platform is the heart behind GM’s EV strategy. Designed to fit compact EVs, like the Chevy Equinox, all the way to fully electric commercial vans, like the Brightdrop, and everything in between, GMs Ultium platform can power models across various price points at scale.
In addition, with battery supply becoming a “production constraint” for many, including Ford, GM is in the midst of building at least three battery cell plants in the US in collaboration with LG Energy.
The first, in Warren, Ohio, began producing battery cells this past August, while its second in Spring Hill, Tenessee, next door to where the Cadillac Lyriq is built, is expected to begin production later this year. The Lansing, Michigan, location is under construction and expected to go online in late 2024.
When all three facilities are at full capacity, GM expects to have over 130 GWh battery cell capacity.
The investments are already paying off as GM is now expecting all of its electric vehicle models under the MSRP cap to qualify for the full $7,500 EV tax credit this year.
Which GM models qualify for the EV tax credit in 2023?
According to GM’s press release Monday, the automaker expects all of its fully electric models to qualify for the tax credit if they are under the MSRP cap.
These include the following:
- Cadillac Lyriq
- Chevy Bolt EV
- Chevy Bolt EUV
- Chevy Equinox EV SUV
- Chevy Blazer EV SUV
- Chevy Silverado EV
GM says fleet customers, including those for Brighdrop and the new Chevy Silverado EV, will be eligible for the $7,500 commercial tax incentive.
As you can see, other than the Bolt EV/EUV, which has been on the market for several years, Chevy has a big lineup of electric vehicles dropping this year.
The all-electric Chevy Blazer EV will be available later this spring, while the Chevy Equinox EV and Chevy Silverado EV pickup are expected to be available this fall.
Chevy Bolt EV inventory running low
According to sources speaking to GM Authority, dealer inventory of the Chevy Bolt EV was especially low going into this month.
The latest information shows Chevy Bolt EV inventory was running at a six-day supply at the beginning of April, with under 200 (174) models at dealerships at the time.
To illustrate, GM sold 19,700 Chevy Bolt EV/EUV models in the first three months of 2023. The Chevy Bolt EV, starting at $26,500, and the Bolt EUV, starting at $27,800, are some of the most affordable EVs available today.
The short inventory is due to soaring demand for affordable EVs, as evidenced by GM’s first-quarter delivery totals.
Meanwhile, GM said it would ramp Chevy Bolt EV/EUV production to 70,000 units this year to meet demand, representing a 59% jump from last year’s 44,000 models produced.
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Environment
Stark VARG MX 1.2 launched as smarter, stronger, and absurdly powerful electric motocross bike
Electric motocross just got another serious upgrade. Stark Future has unveiled its latest evolution of the VARG MX platform – meet the VARG MX 1.2. With more powertrain efficiency, longer range, and a tech-infused new onboard computer that moonlights as a military-grade Android phone, this bike is maintaining the Stark VARG playbook of doing more than keeping up with gas-powered competition, it’s burying them.
Stark Future is flying high, both literally with impressive performance that has helped riders to expand their options so aggressively that it’s gotten itself banned from the X-Games, to proverbially with the company already touting profitability so early in its operations.
At the heart of the VARG MX 1.2 is the same 80 hp (60 kW) electric motor that made the original VARG such a monster on the dirt, easily outgunning traditional 450cc gas bikes. But this time around, riders get even more customization. The power output can be adjusted anywhere from 10 to 80 hp (7.5-60 kW) on the fly, with refined control over the power curve and motor braking. Basically, it’s like having a garage full of bikes in one, and all of them are really impressive!
Helping riders tap into all that performance is a new handlebar-mounted smart device called the Arkenstone. This isn’t your average LCD screen, it’s a full-fledged, ruggedized Android smartphone that connects wirelessly to the bike. Want to change power modes mid-lap? Done. Want to track your lap times and get real-time GPS data? Also done. Stark even partnered with a major map provider to make sure the new “Laps” feature delivers real course splits and terrain data without the need for external apps or gear.
And of course, performance is still king here. The new 7.2 kWh battery tucked into a lightweight magnesium honeycomb case delivers up to 20% more range than before. That means longer rides, harder pushes, and fewer recharge breaks. Oh, and it still puts out 973 Nm of torque at the rear wheel. Not a typo. That’s insane torque.
The updated chassis is no slouch either. Stark redesigned the frame using a stronger, lighter steel alloy, shaving off nearly a kilogram while improving flex and feedback. Suspension was also retuned with KYB components offering 310mm of travel and selectable spring rates based on rider weight – a level of adjustability that’s unheard of from most OEMs.
Motocross legend Kevin Windham, after testing the bike, didn’t hold back: “I’ve ridden everything there is to ride, and this is the future.” He praised the natural feel, instantaneous response, and how quickly it felt like home, even after decades on gas bikes.
But the VARG MX 1.2 isn’t just a lab project. It’s been relentlessly race-tested under the leadership of two-time World Champion Sébastien Tortelli, who now heads up Stark’s racing program. “Racing is where weaknesses show and strengths are proven,” says Tortelli. “Every race, every rider, every condition feeds into what we build.”
Other upgrades include a new overmolded wiring harness for extreme durability, a lighter and more efficient gearbox, new tires (Dunlop or Pirelli, your call), and even a reinforced skid plate made from biodegradable materials. Optional titanium hardware can shave off another 900 grams if you’re counting grams like trophies.
Maintenance? Practically nonexistent. With no pistons, clutches, or filters to fuss over, Stark says its riders can save up to $5,000 over 100 hours of use compared to a traditional gas bike. And in an industry notorious for limited warranties, Stark is backing the entire bike for two years.
Those cost savings are going to be important considering that electric motorcycles usually have higher up-front sticker shock. But with the new Stark, pricing is surprisingly competitive for something this high-end.
The 60 hp (45 kW) standard model starts at US $12,490, while the full-fat 80 hp (60 kW) Alpha comes in at $13,490 (plus a $1,000 tariff charge for US buyers). Bikes are available now through Stark’s global dealer network or directly from the company’s site.
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Trowbridge in Somerset, England, on March 15, 2025.
Anna Barclay | Getty Images News | Getty Images
BP CEO Murray Auchincloss on Tuesday leaned into the growth potential of the company’s recent oil and gas discoveries, as the struggling energy major contends with takeover questions and a major turnaround plan.
“Inside the upstream, we’ve had tremendous performance, along with record operating efficiency [and] along with starting up five new major projects,” BP’s Auchincloss told CNBC’s “Squawk Box Europe“, just after the release of the company’s second-quarter results.
He added that he was “very optimistic” about the company’s latest exploration discovery in the Bumerangue block in Brazil’s Santos Basin, just over 400 kilometers (248.5 miles) from Rio de Janeiro. BP is currently carrying out tests to further analyze the block’s potential.
The Bumerangue discovery, announced Monday, is the firm’s 10th since the start of the year and reflects a potentially significant boost as BP continues to double down on hydrocarbons.
After underperforming its peers in recent years, the firm has shifted gears by way of a fundamental strategic reset that will see BP prioritize fossil fuels and slash renewable spending.
Earlier on Tuesday, the energy major reported underlying replacement cost profit, used as a proxy for net profit, of $2.35 billion for the three months through June — comfortably beating analyst expectations of $1.81 billion, according to an LSEG-compiled consensus.
Ramping up investor returns, the company also said its quarterly dividend will increase to 8.32 cents from 8 cents and that it will maintain the pace of its share buyback program at $750 million for the second quarter.
Shares of the company were last seen trading 1.6% higher during morning deals.
Takeover speculation
The downturn of recent years has turned BP into the subject of intense takeover speculation, with some questioning a potential future merger with domestic rival Shell. For its part, Shell in late June said that it had “no intention” of making an offer.
UAE oil giant ADNOC, as well as U.S. oil giants Exxon Mobil and Chevron, are among some of the names that have also been touted as possible suitors.
Asked whether the company had been approached by any potential merger partners amid ongoing takeover speculation, Auchincloss said BP is focused on growth.
“That’s what is going to drive the share price up for shareholders,” he added.
CEO of BP Murray Auchincloss speaks during the CERAWeek oil summit in Houston, Texas, on March 19, 2024.
Mark Felix | AFP | Getty Images
Maurizio Carulli, global energy analyst at Quilter Cheviot, said BP’s earnings were the company’s first positive quarterly results “in a very long time,” noting that “what is perhaps most encouraging” was the firm’s outperformance came despite a period of lower oil prices.
“The management team has clearly started delivering on the strategy reset announced a few months ago. There has been huge speculation of late on the fate of BP and whether or not a rival will look to take them out with a merger,” Carulli said.
“If positive results like this continue to be delivered, that speculation may just end up being a blip in BP’s long and storied history,” he added.
Asset review
BP, which is under intense pressure to improve profitability from the likes of activist investor Elliott, noted that it would initiate a further cost review of its assets — mere weeks before Albert Manifold joins BP’s board from Sept. 1 and as chair from Oct. 1.
Asked for further details of this strategic review, Auchincloss told CNBC: “If you think back to 2020, we reduced our costs by 25%, and in 2024 we announced another program to reduce our costs by another 20%. That’s the $4-5 billion that I referenced earlier.”
“If we can achieve that, that will take us to around top quartile in the sector, but I don’t think that is enough,” Auchincloss said.
BP’s net debt came in at $26.04 billion at the end of the second quarter, down from nearly $27 billion compared to the first three months of the year.
“We need to keep driving safely to be the very best in the sector we can be. And that’s why we’re focused on another review to try to drive us toward best in class inside the sector,” Auchincloss added.
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