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