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GM’s Mary Barra Advocates for Government to Keep Electric Car Tax Credit

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General Motors Chairman and CEO Mary Barra

Mary Barra, CEO of General Motors

GM’s CEO, Mary Barra, has joined other major automakers in lobbying the government to keep the electric car tax credit. As she articulates, “I‘m a proponent of that staying in [the tax code]. That’s what we convey to the administration.”

Although the credit’s total amount varies according to which EV you purchase, it can save you up to $7,500 out of pocket. Currently, although the House and Senate have each passed their own version of the tax cut bill, they still need to join forces to draft up a final version of it for approval. (Until then, EV fans must hold their breath in anticipation…and contact their representatives if they want to keep the tax cut.)

Because electric car battery costs are starting to decline, industry experts also expect that the cost of electric cars is expected to drop down to the price of a conventional car sometime in the next 10 years. Retaining the tax credit will greatly help manufacturers in selling their EVs in the interim period.

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2017 Volt

2017 Chevy Volt
Photo: KelleyBlueBook

It’s no surprise that GM has a personal interest in maintaining the tax credit. Not only are green models such as the Chevy Volt thriving, but electric vehicles play a huge role in the company’s future production plans. For instance, GM has the lofty goal of introducing 20 new EV models by 2023. If the United States Congress chooses to nix the tax credit, the decision could jeopardize the brand’s plans.

GM isn’t the only automaker whose future business plans might be impacted by the tax credit decision. Kia, Nissan, Volvo, Tesla and Volkswagen are just some of the other mainstream entities that have a vested interest in keeping the tax credit.

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News Source: GM Authority