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.

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

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

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

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

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

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