The limit of the tax credit hangs over the market for electric vehicles (podcast)
The U.S. electric vehicle market is hitting an inflection point as companies seek to boost manufacturing at the same time two other major automakers are poised to lose a critical incentive for consumers.
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The $7,500 electric vehicle tax credit begins to fade at 200,000 vehicles sold per manufacturer, a threshold reached by General Motors Co. and Tesla Inc. years ago. Ford Motor Co. and Toyota Motor Corp. are rapidly approaching this sales milestone, which is prompting automakers and EV advocates to ask Congress to intervene.
Democrats remain interested in ways to expand EV credit, but that effort is wrapped up in the Biden administration’s stalled tax, climate and social spending plan.
Ellen Hughes-Cromwick, senior resident climate and energy fellow at the Third Way think tank, is a guest on the latest episode of Talking Tax. Hughes-Cromwick – who previously worked at the Commerce Department and Ford – discusses the growth of the electric vehicle sector, breaks down the case for expanding the federal tax credit and explains what it will take to create a market for used electric vehicles.
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