U.S. Bill Could Boost Electric Car Tax Credits

electric vehicle

CBJ — A report by Reuters indicates that a bipartisan group of U.S. lawmakers introduced legislation to expand the electric vehicle tax credit by 400,000 vehicles per manufacturer, a provision that would give a boost to Tesla and General Motors before the existing credit comes to an end for them.

The bill is sponsored by Democratic Senators Debbie Stabenow and Gary Peters, Republican Senators Lamar Alexander and Susan Collins and Democratic Representative Dan Kildee.

The hope is that the bill would boost electric vehicle sales for automakers that have committed tens of billions of dollars toward meeting global emissions requirements.

GM and Tesla shares rose on the Reuters report that the bill would be introduced. Tesla shares recently traded up nearly 1%, while GM was up 0.2%.