In a letter to leaders of the
Currently the number of tax credits allowed are capped at 200,000 per company.
Automakers want the cap lifted until “the EV market is more mature,” they said, without giving a time frame.
“Eliminating the cap will incentivize consumer adoption of future electrified options and provide much-needed certainty to our customers and domestic workforce,” the CEOs wrote.
The request comes as Americans find themselves financially pinched from all directions by four-decade high inflation. Energy prices have been especially bad, with the average cost for a gallon of gas in the
Automakers said Monday that the tax credit has allowed them to offer more affordable cars to people, helping accelerate the adoption of EVs. However, the companies said recent economic conditions and supply chain constraints have raised the cost of manufacturing EVs and those costs have to passed on to car buyers already paying more for almost everything.
President
Biden in April invoked the 1950 Defense Production Act to boost production of lithium and other minerals critical in powering electric vehicles.
Toyota’s plug-in RAV4 Prime small SUV with 42 miles of electric range earns the buyer a
The letter was signed by
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