Hyperdrive
GM Sees Edge in EV Market From New US Tax Credit Rules
- Automaker says its strategy is aligned with government policy
- Chevrolet, Cadillac models expected to be eligible for subsidy
The charging port of a Chevrolet Bolt electric vehicle.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
General Motors Co. expects most electric vehicles made using its Ultium battery to be eligible for US tax credits, giving it an edge over competitors whose vehicles may no longer qualify for the benefit.
Car buyers can get up to a $7,500 tax credit if they purchase a battery powered model subject to certain criteria outlined Friday by the Treasury Department as part of the Biden administration’s Inflation Reduction Act. GM said it will have several EVs in production by the end of the year for which it is confident the full credit can be claimed.