Automotive

US Looks To Extend EV Tax Credits And Then Some

It would seem the narrow path for “early adopters” is closing. Soon it will be the 8-lane highway or folks trying to catch up. How many charging stations you rocking at your dealership?
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US Looks To Extend EV Tax Credits And Then Some

They fought the law, and... they won?

After months of conversations between US lawmakers and automakers, a deal to lift the 200k cap on EV tax credits has gained bipartisan support in the Senate. Lobbying centered around the inability to maintain an aggressive pursuit of emission-cutting efforts by OEMs who were already beyond the cap. 

👮 💰Tax Credits. The new EV tax credits will go up to $12,500 per EV purchased by a family earning up to $300k per year. Trucks, vans, and SUVs retailed over $80k, and cars over $55k will not be eligible for the credits. A $4000 tax credit will also be available for used EV sales. 

💭 🔋And Then Some. In addition to the tax credits for buyers, the bill includes $20b for clean vehicle manufacturing, $30b for additional production tax credits, $2b for retooling existing manufacturing facilities, and finally, $1b to buy government vehicles like school buses and garbage trucks using renewable energy.

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