Will GM Follow Tesla' s Example And Offer Discounts CarBuzz News Features New Cars Used Cars Sell My Car Shopping Tools Car Reviews Car Finder Compare Cars Best Cars Car Dealerships Used Car Reviews Car Advice Home News Will GM Follow Tesla' s Example And Offer Discounts
Will GM Follow Tesla' s Example And Offer Discounts
Jan. 04, 2019 6:00 PM ET by Jay Traugott / 7 Comments The automaker has hit the 200,000 EV sales threshold. Now what? Now that 2018 has come to an end, the final sales figures are coming in and one thing is already for certain: General Motors hit the 200,000 total electric vehicle sales figure, which will now trigger a phase-out of the $7,500 federal tax credit over the next 15 months. Reuters has confirmed this with GM sources. That tax credit will reduce to $3,750 in April, and then lower to $1,875 in October for another six months. By April 2020 the credit will be gone entirely. The automaker knew it would likely reach that sales threshold by the end of the year, so this is not coming as a complete surprise. Chevrolet Chevrolet Chevrolet It's important to know that GM did not sell 200,000 EVs, specifically the Chevrolet Bolt, in 2018 but rather this figure represents all EV sales since 2010. The 200,000 per manufacturer figure phase-out mark was set by Congress back in 2009. The only other automaker to have also hit this threshold is Tesla, which did so last July. Both companies have lobbied Congress to lift the cap or extend the existing credit but to no avail. In fact, Tesla's credit dropped to $3,750 last Tuesday, but the California-based carmaker doesn't believe customers should be forced to pay a penalty. Therefore, it just announced it will cut prices on its vehicles by $2,000. Will GM decide to do the same six months from now? Perhaps, but CEO Mary Barra likely has another long-term solution in the works. Remember when GM announced those plant closures and layoffs in November? Of course you do. Everyone does, and she's still taking a lot of criticism for the move. Chevrolet Chevrolet Chevrolet However, Barra understands the need to restructure the company while it's healthy. No one wants to see another bankruptcy. This restructuring will allow GM to allocate additional resources to EV matters, including boosting production to meet demand and other areas that can lead to lower prices in the future. Meanwhile, production of the plug-in hybrid Chevy Volt will come to an end this March. An all-new EV, riding on an also new platform, is slated to go on sale in 2021. Chevrolet Chevrolet Chevrolet Join The Discussion
Show Comments (7) Gallery
9 Photos Tags: #Chevrolet News #Electric Vehicles #Government #Pricing Related Cars
Chevrolet Bolt EV Chevrolet Volt 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