Automakers want Congress to drop the EV tax credit cap
The credit currently applies to the first 200,000 cars sold by any given brand. GM and Tesla have already reached the 200,000-unit mark, while both Ford and Toyota could hit the cap this year. This doesn't affect state-level discounts. The companies hope Congress will replace the unit-based cap with a sunset date that would end the credit once the EV marketplace is"more mature."
It's not certain that enough politicians will warm up to the idea. Senator Joe Manchin, for instance, recently questioned the need for extended credits when EV demand regularly outstrips supply. And when the current Senate frequently shoots down bills without clear bipartisan support, any attempt to legislate the credit could fall apart.
The companies have strong motivations to act now, though. Republicans may regain control of one or both sides of Congress during this fall's midterm elections, and car industry execs are concerned the shift in power could kill chances of extending tax credits. Former President Trumpin his proposed 2020 budget, and had the support of Republicans — the chances aren't high that the GOP will back an extension.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
This EV startup is filing for liquidationElectric vehicle startup Electric Last Mile Solutions plans to liquidate about a year after a SPAC deal tagged the company with a $1.4 billion valuation. AxiosPro reported earlier this month that the company was almost out of money.
Read more »
Seat Could Unveil EV Models In The Future When Development Costs Go Down | CarscoopsSeat Could Unveil EV Models In The Future When Development Costs Go Down | Carscoops carscoops
Read more »
EV Start-Up Electric Last Mile Solutions Plans to Declare Bankruptcy a Year After Going PublicThe Michigan-based start-up will move to liquidate less than a year after it went public.
Read more »
Volvo C40 Recharge review: the speedy Swede goes pure EVWe've had another go in the Volvo C40 Recharge. 'A desirable electric car capable of going 200 miles on one charge and with a wholesome interior. It’s decent to drive, but expensive and with a greater thirst for volts than many comparable EVs' ⚡️🇸🇪
Read more »
Why Osprey believes EV charging is set for exponential growth | AutocarThe electric vehicle charger market is turning a corner with improvements on the way, says osprey_ian, CEO of OspreyCharging
Read more »