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GM hits federal electric car sales threshold six months after Tesla

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General Motors’ electric goals are catching up to Tesla.

The American car company reportedly reached 200,000 electric vehicle sales in the U.S. since it started selling the zero-emission vehicles. A company spokesperson said official numbers would be released Thursday. That number is significant, because once a car maker reaches 200,000 electric vehicles sold, a hefty federal tax credit starts phasing out.

SEE ALSO: Trump’s White House just gave you another reason to buy an electric car right now

Tesla hit the threshold in July, so the $7,500 began to phase out on Dec. 31. As of Jan. 1, buyers can apply for the credit for only $3,750. For GM, the subsidy will fully disappear in April 2020, according to Reuters. For would-be GM car buyers, now’s the time to buy an electric vehicle to apply for the full $7,500 tax credit. It will be halved by July. Read more…

More about Tesla, Electric Vehicles, Gm, Tax Credit, and Tech



 

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