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Senate Deal Includes EV Tax Credits Sought by Tesla, Toyota

  • EV backers argue credits are crucial to spur faster deployment
  • Extension win for capped-out companies like GM, Tesla, Toyota
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Biden’s Tax, Climate Plan Revived by Manchin, Schumer
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A breakthrough deal between senators Chuck Schumer and Joe Manchin includes the extension of a popular consumer tax credit for the purchase of electric vehicles, a big win for EV makers like General Motors Co., Tesla Inc. and Toyota Motor Co.

The credit is included in a broader legislative package that revives key portions of President Joe Biden’s domestic political agenda and contains about $369 billion on climate and energy spending.