Four automakers ask U.S. government to lift cap on $7500 EV tax credit:
When the U.S. federal tax credit for electric vehicles was passed back in 2008 under President Bush, the message was that the 200,000-vehicle limit would give companies selling their first EVs a price cushion to help make them cost-competitive with gas-powered cars. Once a company has sold 200,000, the thinking went, it would have reached some sort of economies of scale, and thus be able to lower their prices. This plan is working, in some instances.
Overall, the automakers are basically asking for more time, saying that they’ve collectively pledged to spend $170 billion through 2030 to make EVs a reality in the U.S. and want the tax credit to expand in order to attract more customers.The four automakers are in quite different stages of hitting the limit of 200,000 vehicles sold. GM, as stated, has already passed it. GM and Tesla are the only automakers that have hit the limit so far. But they are likely to be joined by others, and soon.
During discussions about potential changes to federal EV incentives during negotiations over some of President Biden’s infrastructure and Build Back Better plans, a number of ideas were floated. One would offer credits for used-EV purchases, while another would change the tax credit to a point-of-sale rebate, and yet another would have increased the amount of the maximum tax credit from $7500 to $12,500.
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