GM’s 200,000th vehicle sold triggers Federal Tax Credit phase out, Reuters says
A source speaking to Reuters on Wednesday said that General Motors sold its 200,000th electric vehicle (EV) in Q4 2018, triggering a 15-month phaseout of the Federal Tax Credit that has benefitted GM’s EV buyers for years.
GM is expected to announce this information during its Q4 2018 financial call on Thursday. The company indicated previously that it expected to hit the 200,000 mark before the closeout of 2018.
This means that GM’s EVs will no longer receive a Federal Tax Credit of $7,500 after April 1. The credit will be cut in half to $3,750 for the next six months, then it will be cut in half again for another six months until it is phased out completely.
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