EV Subsidies Have Already Cost The U.S. $2 Billion This Year
Story by Owen Bellwood • 3h
Good morning! It’s Wednesday, October 2, 2024, and this is The Morning Shift, your daily roundup of the top automotive headlines from around the world, in one place. Here are the important stories you need to know.
1st Gear: The U.S. Spent $2 Billion On EV Tax Rebates
America’s pivot to electric vehicles has had a rocky few months, with hesitant consumers reluctant to shell out the premium EVs command and hybrid models somewhat stealing the sector’s thunder. Now, a report has calculated just how much the U.S. government has spent encouraging people to go electric and it’s an awful lot.
Tax breaks are available for many people considering an electric vehicle through the Inflation Reduction Act, which offers a $7,500 rebate on EVs that meet a few strict criteria. Now, Automotive News reports that more than 250,000 tax credits have now been cashed in by buyers, costing the U.S. government more than $2 billion, as the site explains:
The U.S. government has issued $2 billion in advance point-of-sale consumer EV tax credit payments since Jan. 1 covering more than 300,000 vehicles, the Treasury said Oct. 1.
https://www.msn.com/en-us/autos/news/ev-subsidies-have-already-cost-the-u-s-2-billion-this-year/ar-AA1rAvJ4?ocid=msedgdhp&pc=HCTS&cvid=b4f174f957a44db38c4511117ddefccd&ei=45
