Hyperdrive
Biden Sides With Detroit Automakers, Unions on EV Credits
- Unionized companies could offer $4,500 more consumer credits
- Foreign carmakers, Tesla say proposal unfairly boosts Detroit
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Detroit automakers would be able to offer $4,500 more in tax credits to U.S. electric car buyers than rivals such as Tesla Inc. and Toyota Motor Corp. under the $1.75 trillion tax and spending proposal unveiled by the White House on Thursday.
The plan calls for all automakers to be able to offer $7,500 to consumers for EV purchases for the first five years of the law, a win for Tesla and General Motors Co., which have been bumping up an existing cap that limits the number of tax credits manufacturers can offer to 200,000.