US Democrats drop plan to expand EV subsidies - News Summed Up

US Democrats drop plan to expand EV subsidies


Democrats in the US Senate have abandoned their plan to increase the tax credit for electric vehicles assembled by union workers in the US to up to $12,500. This means that the previous tax credit of up to $7,500 will remain for these electric vehicles. “Any foreign vehicle that is an electric vehicle is going to be able to claim a $7,500 credit,” Manchin said. When a manufacturer reaches that limit, the tax credit is reduced by 50 per cent (i.e. For other manufacturers, it should be soon: at the end of 2021, Toyota was at 180,000 eligible vehicles.


Source: Forbes June 23, 2022 10:34 UTC



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