Automaker CEOs Urge Congress to Lift EV Tax Credit Cap
In a letter to Congressional leaders, CEOs of General Motors (GM), Ford, Stellantis, and Toyota urged Congress to lift the federal government's cap on the number of electric vehicles that are eligible for a tax credit.
Currently, consumers are eligible for a $7,500 tax credit for the purchase of an electric vehicle. However, these credits phase out when a manufacturer sells 200,000 plug-in vehicles. Both GM and Tesla have already exceeded this amount and are no longer eligible for the credit.
In the letter, the CEOs cited the fact that their companies have already pledged to spend over $170 billion in coming years to bolster EV deployment. The letter states that “eliminating the cap will incentivize consumer adoption of future electrified options".
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