GM CEO Pushes for Renewed Tax Breaks on Electric Vehicles
General Motors Co. CEO Mary Barra is pressing Capitol Hill lawmakers for an expansion of electric-vehicle tax credits, confirms the Wall Street Journal (March 7, Colias, Gold). A handful of vehicle makers are now facing the expiration of $7,500 income-tax credit that has applied to hundreds of thousands of electric-vehicle purchases since the Obama administration established the offer. GM has utilized the incentive to bring the asking price of its electric Chevrolet Bolt to under $30,000. The automaker is expanding production of the Bolt. However, it will soon hit a sales cap that triggers the gradual expiration of the incentive for individual car companies that have sold 200,000 electric cars since the credit's 2009 inception. Barra is calling for an "expanded" tax credit. GM, Ford Motor Co., Tesla, and Volkswagen AG are four of the automakers who've committed to spend billions of dollars developing more electrics.
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