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Electric Vehicles

GM's EVs to Qualify for Full US Tax Credit Within Three Years, Barra Says

Bloomberg business news
GM CEO Barra on Third-Quarter, Supply Chain, EV Demand

General Motors Co. will be able to meet all requirements in three years for buyers of its electric vehicles to get the full $7,500 federal tax credit, Chief Executive Officer Mary Barra told Wall Street analysts Tuesday.

That’s pretty quick work. To be eligible for the full credit under the Inflation Reduction Act passed in August, EVs must be assembled in North America and contain batteries made from raw materials sourced in countries where the US has free-trade agreements. Automakers have balked at the plan and asked the US Treasury for leeway, saying it will take time to secure materials.