Automakers ask Congress to lift electric vehicle tax cap

Associated Press

NEW YORK (AP) — Major automakers are asking Congress to lift the cap on how many people can receive tax credits for buying a hybrid or fully electric vehicle. Currently the number of tax credits allowed is capped at 200,000 per company. General Motors and Tesla have already reached the cap and Toyota is close to it. In a letter to leaders of the Senate and House of Representatives on Monday, the chief executives of Ford, Toyota, GM and Stellantis asked that tax credits be extended to anyone who seeks to buy a qualified vehicle.  General Motors and Tesla have already reached the cap and Toyota is close to it. Automakers say they want the cap lifted until “the EV market is more mature,” without giving a time frame.