$ 100 billion could make electric vehicles much more affordable for consumerscar buyers. Chevrolet
The legislation proposed by President Biden on infrastructure reached a high amount of $ 2.25 trillion, and large sum of money specifically for discount on electric cars . No, not a tax credit, but discounts taken off the point-of-sale price. That would be a massive change from the structure currently in place today.
We now have an idea of what the Biden administration is prepared to give to these EV discounts, and it is a very large sum: $ 100 billion. Reuters reported in an email Wednesday that the Ministry of Transport sent Congress with more details of the plan, and included the specific dollar amount for EV discounts. The DoT did not immediately return Roadshow's request for comment.
It It's very easy to get lost in the numbers, but let's put that in perspective. The Obama administration initially allocated just $ 2.4 billion in funding for the federal electric vehicle tax credit program, which grants up to $ 5 billion. 'to $ 7,500 to a tax-filing buyer. If $ 2.4 billion could reduce the price of a car by $ 7,500 with a tax credit, imagine what $ 100 billion could do for subvent an EV at the point of sale. We could talk about incredibly generous discounts when buyers buy an electric vehicle, and I think I can already smell General Motors and Tesla salivating at the news. The two automakers are no longer eligible for federal EV tax credits after going over the credit threshold in 2020 and 2019, respectively, so if you buy a GM or a Tesla EV, the federal government won't help. not these days.
We don't have any further details on how the electric vehicle rebate program works, but they will surely start to spread as Congress debates the legislation in the near future. the coming weeks. Roadshow
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