The CEOs of General Motors, Ford Motor, Chrysler-parent Stellantis, and Toyota Motor North America asked Congress on June 13 to lift the cap on the number of electric vehicles that are eligible for a tax credit of up to $7,500.
According to a joint letter first reported by Reuters, the CEOs - GM's Mary Barra, Ford's Jim Farley, Stellantis' Carlos Tavares, and Toyota North America CEO Tetsuo Ogawa - said that they have pledged to invest over $170 billion through 2030 to bolster EV’s development, production, and sale.
Currently, the tax credit begins phasing out once a company sells over 200,000 EVs. Both GM and Tesla already hit the cap and are no longer eligible for the consumer tax credits, reported Reuters.
The letter recommends a sunset date for the tax once the EV market is "more mature".
"Eliminating the cap will incentivize consumer adoption of future electrified option," the CEOs wrote.
The letter also stated, “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.”
