Top Automakers Are Asking US Govt. TO Lift EV Tax Credit Cap

FOR OVER A DECADE, the US has had a federal tax credit worth up to $7,500 for electric & plug-in hybrid buyers.

The credit will be phased out once a car maker sells 200,000 models.

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But now automakers, especially GM, Toyota, Ford & Stellantis, are asking for it to be lifted across the board.

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The companies are asking for a sunset date for the tax credit to be put in place.

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Automakers are worried about rising prices of materials & supply chain issues, leading to low purchases.

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GM and Tesla have reached their tax credit cap. While others like Nissan have a few left on their hands

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Acceptance of this request will be good for EV sales in the US. An additional financial incentive will keep them attractive.

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Currently, bills are under process. Credits up to $12,5000 have been proposed & possible credits for used EV sales

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