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America' s Biggest Automakers Ask Congress For Help

Jun. 15, 2022 9:40 AM ET by Chase Bierenkoven Electric Vehicles / 15 Comments They want the EV tax credit to live on to drive sales. The CEOs of GM, Ford, Stellantis, and Toyota say they have consumers in mind in the group's letter to Congress. The letter urges Congress to lift the government's cap on the number of vehicles that are eligible for the EV tax credit, which currently runs up to $7,500. The group of CEOs represents a wide swath of the industry committed to future electrification. Ford already has the F-150 Lightning, and GM will soon produce its answer, the Chevrolet Silverado EV. The letter states the credit is essential to encouraging more widespread consumer adoption of electric vehicles like Toyota's bZ4X and others. Currently, the credit begins phasing out after a brand has made more than 20,000 plug-in electric vehicles. Chevrolet Chevrolet Chevrolet Chevrolet "Eliminating the cap will incentivize consumer adoption of future electrified options. The coming years are critical to the growth of the electric vehicle market and as China and the EU continue to invest heavily in electrification, our domestic policies must work to solidify our global leadership in the automotive industry," said the group of CEOs. The conglomerate of brands also said that the EV tax credit is key to keeping production costs low and EVs affordable, especially in an industry hampered by supply shortages and rising material costs. Combined, the four brands have invested north of $170 billion through 2030 to produce more electric vehicles. The letter is a reversal from GM, as CEO Mary Barra has previously urged the 20,000 unit ineligibility cap on the credit be lifted to create a more level playing field for brands. As of now, GM has not further elaborated on this change of position. CarBuzz CarBuzz CarBuzz Dodge However, the group of CEOs is not calling for the tax credit's indefinite use. Instead, the letter argues in favor of a sunset date for the credit. Additionally, that sunset date will only occur once the electric auto market is both more mature and more stable. As of now, it is neither of those things. Electric vehicles are often priced upmarket for a myriad of reasons, and consistently trade hands above MSRP in many cases, partly due to the current economic climate. Still, brands like Ford have begun to change that, offering more affordable options. Toyota can also be counted in that effort, with the bZ4X starting at$42,000, a far cry from smaller luxury startups like Rivian and Lucid. Chevrolet CarBuzz CarBuzz Chevrolet

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Chevrolet Silverado EV Ford F-150 Lightning Toyota bZ4X Chase Bierenkoven Associate Editor Shortly before applying to law school, Chase decided to take a chance on pursuing his dream job: playing with cars and getting paid for it. Law school was just a means to an end, after all. His first writing job was freelance and barely paid his grocery bill. It quickly turned into a full-time position, eventually leading Chase to join CarBuzz in 2022. Chase now tests cars, and sits comfortably at the news desk when he's not in the driver's seat. In his spare time, Chase can be heard trying to play guitar, or out enjoying Colorado's natural splendor in his BMW M3. Contact Chase @bierenkoven @cbier823 LoginSign Up Home News Features Car Reviews Car Advice 2021 CarBuzz Awards New Cars Used Cars Future Cars Compare Cars Sell My Car Car Dealerships Buy Here Pay Here Used Car Reviews Popular Tags Cars # Video # TOP # Spy Shots # Reveal # Rumor # Auto Show # Supercar # Tuning # Car Culture # Industry News # Motorsport Acura Alfa Romeo Aston Martin Audi Bentley BMW Bollinger Bugatti Buick Cadillac Caterham Chevrolet Chrysler Dodge Ferrari Fiat Fisker Ford Genesis GMC Hennessey Honda Hyundai Infiniti Jaguar Jeep Karma Kia Koenigsegg Lamborghini Land Rover Lexus Lincoln Lordstown Lotus Lucid Motors Maserati Mazda McLaren Mercedes-Benz Mini Mitsubishi Nissan Pagani Polestar Porsche Ram Rimac Rivian Rolls-Royce Spyker Subaru Tesla Toyota Volkswagen Volvo By Make Acura Alfa Romeo Aston Martin Audi Bentley BMW Bollinger Bugatti Buick Cadillac Caterham Chevrolet Chrysler Dodge Ferrari Fiat Fisker Ford Genesis GMC Hennessey Honda Hyundai Infiniti Jaguar Jeep Karma Kia Koenigsegg Lamborghini Land Rover Lexus Lincoln Lordstown Lotus Lucid Motors Maserati Mazda McLaren Mercedes-Benz Mini Mitsubishi Nissan Pagani Polestar Porsche Ram Rimac Rivian Rolls-Royce Spyker Subaru Tesla Toyota Volkswagen Volvo By Car Type SUVs Crossovers Sedans Coupes Trucks Sports Cars Wagons Vans Hatchbacks Convertibles Small Cars Luxury Cars Electric Cars Hybrid Cars Future Cars By Price Up to $15K $15K - $25K $25K - $35K $35K - $45K $45K - $55K $55K - $75K $75K - $100K $100K - $200K $200K - $300K Above $300K Back To Top