Following President Joe Biden’s $174 billion infrastructure plan, which included various support angles for electric vehicles (EVs), Transportation Secretary Pete Buttigieg told Yahoo Finance that “EVs shouldn’t be a luxury item,” in a show of support for the ever-expanding industry.
Tesla Buyers May See $7,000 Tax Credits from President Biden Soon https://t.co/HCaFyYTnkm
— TeslaNorth.com (@RealTeslaNorth) February 11, 2021
In his statement, Buttigieg said, “So we think it is important to continue incentivizing and encouraging electric vehicle adoption. We got to make sure that electric vehicles are not just a luxury item, especially because the fuel savings from not having to pay to fill it up with gas will be especially meaningful to lower and middle-income American car owners.”
Buttigieg continued, “But first, we got to make sure that we’re producing them at scale, drive those costs down. And again, we don’t have time for that to simply play out on its own. We got to make some smart investments as a country to make sure it happens sooner so that the electric vehicle future really is made in America and that the workers creating that future are American workers.”
Along with the infrastructure bill put forth by President Biden, the administration may also be looking to expand tax incentives for EV customers, which currently offers $7,500 in credit for those that purchase EVs. However, the current model has the incentives fading away after a given manufacturer sells 200,000 battery electric vehicles (BEVs), thresholds which have already been surpassed by Tesla and General Motors (GM).
Wedbush’s Daniel Ives also recently stated that his contacts in DC believe the incentive is preparing to increase to $10,000.
