A recently written letter addressed to Congress urged lawmakers to omit or change the electric vehicle tax cap. Companies that produce electric vehicles currently get a EV tax credit of 7,500 per vehicle produced and manufactured. However, there is a limit to how many vehicles a company can produce (200,000).
Recently, a problem has arisen as the electric vehicle industry is rising and expanding. More companies are producing electric vehicles, including GM, Ford, Tesla, and others. Two of these companies have reached the cap already and fear that the bill is unfair to early technology users and producers.
The letter urges various members of Congress to get rid of the cap. In exchange, General Motors, Chrysler parent Stellantis, Ford Motor, and Toyota Motor North America will invest $170 billion into electrification through 2030. This money will be used for higher electric vehicle production, sales, and technological developments. According to these key players in the automotive industry, removing the cap will level out the playing field and increase interest in electric vehicles.
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