Full Tax Credit for GM EVs Ending Soon

Customers have until the end of March 2019 to receive the $7,500 full tax credit for the purchase of GM electric vehicles (EVs) like the Chevy Bolt. Because the company achieved the sales quota of 200,000 EVs at the end of 2018, the tax credit will drop to $3,750 after March, then drop again in October before complete elimination in April 2020. The loss of the full tax rebate will hurt GM’s EVs’ cost-competitiveness against electric and hybrid models that have not yet reached the quota, as well as against gasoline-powered vehicles. Tesla breached the quota in the summer of 2018 (see EnergyOnWI news, July 2018), and Inside EVs, an EV watchdog, estimates Nissan and Ford as the manufacturers next in line to reach 200,000. Detroit Free PressReuters