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GM Scraps EV Tax Credit Extension Plan, Introduces New Incentive Scheme
GM Scraps EV Tax Credit Extension Plan, Introduces New Incentive Scheme
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BTCCSquare news:
General Motors has abandoned its strategy to extend the $7,500 federal EV tax credit following its September expiration. The automaker initially planned to leverage an IRS loophole allowing customers to qualify for the subsidy by booking vehicles before the deadline, even with post-cutoff deliveries.
Instead, GM will now fund a $6,000 incentive for EV leases through October 30. The reversal comes after criticism from lawmakers regarding automakers' use of IRS rules to boost sales. GM's original scheme involved its financing arm purchasing dealer inventory to claim credits, which WOULD then be factored into customer lease terms.
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