GM says its EV customers deserve $7,500 tax credit
When the Biden government proposed a $ 174 billion investment in electric vehicles, automakers had high hopes for spinning off the tax credits. In fact, the plan provides additional funding for consumer discounts. However, unless changes are made, GM may be one of the companies whose customers are not eligible for the credit. Now the company's executives want the government to qualify them.
GM and Tesla customers are not eligible for a $ 7,500 tax credit on electric car purchases as both companies have more than 200,000 EV sales. GM hit that number in 2018, and discounts on lesser amounts were available through April 2020. In the meantime, other companies can effectively sell their cars with a built-in "discount" of $ 7,500 as their customers will still be eligible for the loan.
According to Automotive News, GM President Steve Carlisle argued during a virtual panel, "Given all the potential obstacles to adoption and the fact that we have to move on that curve ... a level playing field is reasonable." "
The same article noted that GM CEO Mary Barra said in a recent CNBC interview, "We want the [200,000 limit] to be lifted and the market to decide and not punish the first movers."
Government tax breaks would also affect upcoming GM models like the Cadillac Lyriq under $ 60,000 and the Hummer EV valued at $ 80,000. Like many automakers, GM has pledged to fully electrify its product range by the mid-2030s.
The original purpose of the tax breaks was to make electric vehicles, which tend to be more expensive to build (for now), competitive with their gasoline-powered counterparts. The incentive was to promote an EV purchase like a Chevy Bolt instead of a similarly sized and equipped ICE car. However, it could be argued that those who use the credit on a charged Hummer or Tesla Model S worth $ 100,000 are not acting for the benefit of the program.
The remainder of the Biden electric vehicle budget will be used, for example, to build charging infrastructure, help automakers secure raw materials for the construction of electric vehicles, and upgrade government vehicles to electric vehicles, especially diesel transit vehicles and school buses. Specifically, the $ 100 billion discounts will apply to American-made electric vehicles.
We just hope Biden's plan provides a way to keep avid cars like his own 1967 Corvette street legal for years to come.
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