GM Has Now Sold 200,000 EVs – Starting The Phaseout Of Tax Credit For Buyers

Posted by at 10:45 am on January 2, 2019

General Motors has sold 200,000 fully electric vehicles in the United States by the end of 2018.  Hitting this sales make mean  a phaseout of a $7,500 federal tax credit over the next 15 months.

the motor city giant reached the figure in the fourth quarter of 2018, which means the credit will fall to $3,750 in April, and then drop to $1,875 in October for six months. The credit will completely disappear by April 2020. The 200,000 figure covers GM’s cumulative EV sales since 2010.

GM and Tesla, which hit the 200,000 figure in July 2018, have both lobbied Congress to lift the cap or extend the existing tax credit. Tesla’s EV tax credit fell to $3,750 at the start of 2019 and Tesla said it was cutting prices on its EVs by $2,000 to help offset the lower tax credit.

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