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GM believes many of its EVs will qualify for tax credits in 2024

Published 12/01/2023, 11:42 AM
Updated 12/01/2023, 12:51 PM
© Reuters. FILE PHOTO: General Motors assembly workers connect a battery pack underneath a partially assembled 2018 Chevrolet Bolt EV vehicle on the assembly line at  Orion Assembly in Lake Orion, Michigan, U.S., March 19, 2018. REUTERS/Rebecca Cook/File Photo/File

WASHINGTON (Reuters) - General Motors (NYSE:GM) said Friday that it expects many of its electric vehicles to qualify for U.S. tax credits next year after new stricter rules limiting Chinese battery content take effect.

"Due to GM’s historic investments in the U.S and efforts to build more secure and resilient supply chains we believe GM is well positioned to maintain the consumer purchase incentive for many of our EVs in 2024 and beyond," the automaker said after the Biden administration issued new guidance.

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EV manufacturers need to take some responsibility for their heavy weight which will damage roads, the increased danger to other motorists (high speed heavy weight vehicles),...as well as faster tire degradation which pollutes the environment. They should also pay upfront fees for the eventual disposal of the toxic batteries at end-of-life.
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