GM Begins Losing Federal EV Tax Credit
General Motors reached the threshold of 200,000 plug-in electric vehicles sold in December, which begins a phase-out of the $7,500 federal tax credit over the next 15 months, Reuters reported.
General Motors vehicles such as the Chevrolet Bolt EV (shown) will be eligible for a lower federal tax credit in 2019.
Photo courtesy of GM.
General Motors reached the threshold of 200,000 plug-in electric vehicles sold in December, which begins a phase-out of the $7,500 federal tax credit over the next 15 months, Reuters reported.
The automaker becomes the second to reach the sales level, after Tesla Inc. reached 200,000 EVs sold in July. Tesla reduced prices on its vehicles of $2,000 starting Jan. 2 to compensate for the lower tax credits, Yahoo Finance reports.
For GM, the tax credit will fall to $3,750 in April and $1,875 in October for six months. The credit will disappear by April 2020. The 200,000 number covers GM's EV sales since 2010.
GM and Tesla have both lobbied Congress to lift the cap or extend the tax credit, Reuters reports.
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