The all-electric SUV conversions from Amp – gas-free versions of the Mercedes-Benz ML and the Jeep Grand Cherokee – now qualify for the $7,500 federal tax credit from the IRS. Amp CEO Jim Taylor said in a statement that the announcement couldn't come at a better time. "Given the recent increase in gas prices and the low operating cost of an EV, more buyers are turning their attention to EV alternatives," he said.

Even though the official news just came through, Amp was clearly expecting the feds to qualify its cars for this credit. The company set the price for the Jeep Grand Cherokee EV at $57,400 during the Detroit Auto Show, which is a kind of unusual number unless you subtract $7,500 and realize you come up with just under $50,000, an important number for marketing purposes. Interested? Fleet and retail customers can reserve an Amp'd SUV here.
Show full PR text
AMP Electric Vehicles Qualify for Federal Tax Credit

AMP joins list of plug-in electric drive motor vehicle manufacturers, including Ford Motor Company, General Motors Corporation, Tesla, Toyota, and 13 EV manufacturers in all, qualifying purchasers for $7,500 tax credit when purchasing an AMP Electric Vehicle.

Cincinnati, OH – March 12, 2012 - AMP Electric Vehicles (OTCBB and OTCQB: AMPD), announced today they have been qualified by the IRS for the federal tax credit. http://www.irs.gov/businesses/article/0,,id=219867,00.html

The timing of AMP's qualifying for the Federal Plug-in Electric Drive Motor Vehicle Credit of $7,500, which applies to retail and fleet buyers, couldn't be better," said Jim Taylor, AMP CEO. "Given the recent increase in gas prices and the low operating cost of an EV, more buyers are turning their attention to EV alternatives."

Many states offer additional sales tax exemptions and zero emission tax credits of up to $5,000 that can also be applied to the purchase. AMP is taking reservations for their all-electric vehicles at http://ampelectricvehicles.com/reserve

"After the tax credit, an AMP EV buyer can drive an all-electric SUV for as little as $49,900, a very competitive price for an EV, " said Dana Hackney, owner of AMP of Cincinnati dealership. " When our buyers compare AMP's SUVs to other smaller EV offerings they will be very impressed."

AMP recently received numerous great reviews following the Detroit Auto Show press events, including Consumer Reports, citing that electric power isn't just for "little city cars:" http://news.consumerreports.org/cars/2012/01/2012-detroit-auto-show-we-take-a-spin-in-two-electric-suvs.html.

About AMP Holding Inc.

AMP (OTCBB and OTCQB: AMPD) has introduced a unique electrification technology that has generated an extreme amount of interest from around the world. AMP is strategically targeting their electrification at the OEM SUV and Commercial Medium Duty Vehicle markets. AMP customer sales will be from both the consumer and fleet markets. The Company was founded in 2007 by entrepreneurs who have created several hi-tech companies and is currently comprised of top automotive industry veterans and business executives. For more information visit www.ampelectricvehicles.com.

Forward-Looking Statements

Certain statements contained in this press release may constitute "forward-looking statements". Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to any historical or current fact. Actual results may differ materially from those indicated by such forward-looking statements as a result of various important factors as disclosed in our filings with the Securities and Exchange Commission located at their website (http://www.sec.gov). In addition to these factors, actual future performance, outcomes, and results may differ materially because of more general factors including (without limitation) general industry and market conditions and growth rates, economic conditions, and governmental and public policy changes. The forward-looking statements included in this press release represent the Company's views as of the date of this press release and these views could change. However, while the Company may elect to update these forward-looking statements at some point in the future, the Company specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing the Company's views as of any date subsequent to the date of the press release.


I'm reporting this comment as:

Reported comments and users are reviewed by Autoblog staff 24 hours a day, seven days a week to determine whether they violate Community Guideline. Accounts are penalized for Community Guidelines violations and serious or repeated violations can lead to account termination.


    • 1 Second Ago
  • 18 Comments
      Spiffster
      • 2 Years Ago
      57400 is for the rear wheel drive model... 0-60 is said to be under 10 seconds. With 2 more electric motors in the AWD version I would imagine that this figure would be lower? In that case the extra 2k is a no brainer... still, 59k is a bit steep, especially with no mention of options either, WTF...
      EVnerdGene
      • 2 Years Ago
      $50k for a Jeep FUV with a leash. What a deal.
      mchlrus1
      • 2 Years Ago
      Warren Buffett will buy one only to pay less taxes...
        Nick
        • 2 Years Ago
        @mchlrus1
        Warren Buffett wants to pay more taxes.
          Letstakeawalk
          • 2 Years Ago
          @Nick
          We'll see this year. I wonder how many deductions he'll take? Hypothetically, given his comments, he shouldn't take any.
          EVnerdGene
          • 2 Years Ago
          @Nick
          So why doesn't he? I wish he'd shut-up and pay more. There is a method to voluntarily pay more than you owe. Perfectly acceptable to the IRS (and not tax deductible).
      DaveMart
      • 2 Years Ago
      This is the area where serious fuel savings can be made. Its very nice to increase a small car's efficiency from, say, 50mpg to 90mpg, but its the many millions of highly inefficient, heavy gas guzzlers that are burning through the really big quantities of oil.
      noevfud
      • 2 Years Ago
      Because they are heavy non-aero tanks.
        Spiffster
        • 2 Years Ago
        @noevfud
        Im betting we see a better MPGe number than the Fisker could achieve though...
      Chris
      • 2 Years Ago
      Good for them...I think it might be a little early to slip heavy batteries into an already heavy SUV since weight eats range...but anything EV is great. I have the Diesel variant of the ML and mileage is pretty darn good and I need AWD. For me Diesels are still the way to go with SUVs. I also drive an EV (ActiveE - had a MiniE before that)...they are perfect for commuting and doing quick jaunts.
      marcopolo
      • 2 Years Ago
      I'm not a fan of Urban SUV's. I have never understood the fashion for driving a vehicle primarily designed for 4WD, around the suburbs. However, if this is the sort of vehicle you desire, then an all electric SUV for only $50,000 sounds very good value. In the UK I drive a Range Rover EV. The range is over 200 miles, but the price is a lot more, but compensated by real off-road capacity. Good luck to AMP.
        Nick
        • 2 Years Ago
        @marcopolo
        Wow, you actually own a Range Rover EV? Lucky you !
      Spec
      • 2 Years Ago
      Why no specs in their press release? Hmmm....
        Spiffster
        • 2 Years Ago
        @Spec
        Here you are: Range: Estimated 80-100 miles Battery System: Lithium Iron Phosphate Total battery capacity: 37.6 kWh Motors: Two rear-mounted Remy AC motors; 152 kW Transmission: None; electric motors are direct drive Estimated cost to fully charge vehicle: $3 to $4 (based on nationwide average cost of $0.10 per kWh) 0-60 acceleration: Under 10 seconds Passenger room and cargo room: Unchanged; no compromise from gas model All the original factory accessories maintained
        Letstakeawalk
        • 2 Years Ago
        @Spec
        More than likely because the specs are already available (linked in the article), and this press release was focused on the topic of the Federal Tax Credit. http://green.autoblog.com/2011/05/21/quick-spin-amp-ml-ev/
      DaveMart
      • 2 Years Ago
      I like through the road plug in hybrids for this application. You get all the torque you need in abundance as the diesel cuts in to boost the electric motors, don't need a transmission tunnel for 4WD and have no range limitations. Both the space and the cost are manageable for this sort of vehicle. The Mitsubishi Outlander seems the way to go to me, if they can do it at a good price. The volume they are now producing batteries at means that they have a better chance than anyone other than Nissan/Renault of getting the costs down.
        Spiffster
        • 2 Years Ago
        @DaveMart
        Im waiting on the Mitsubishi too. Would probably buy one yesterday if the come in under 40k...
      2 Wheeled Menace
      • 2 Years Ago
      Better hurry up and get those out the door before the Model X comes out. Those specs don't look so great.
    • Load More Comments