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The sale of 200,000 GM vehicles is causing a stage in federal tax credits, Reuters says

The sale of 200,000 GM vehicles is causing a stage in federal tax credits, Reuters says

In a statement to Reuters on Wednesday, General Motors sold its 200,000 electric vehicle (EB) in Q4 2018, triggering a 15-month suspension of the Federal Tax Credit, which for years used the EM buyers.

GM is expected to release this information during a financial call of Q4 2018 on Thursday. The company previously said it expects to reach 200,000 marks before the expiration of 2018.

This means that the GM's GM will not receive a federal tax credit of $ 7,500 after April 1. The loan will be reduced to half to $ 3,750 for the next six months, and then drop in half again for another six months until it is fully established.

The main competitor of GM in EV space, Tesla, has expired his tax credit of 7,500 dollars on January 1 this year. Tesla is pushing to deliver as many vehicles as possible, before his customers see an effective price increase of $ 3,750 for all cars. Today, Tesla has said he will cut his vehicle's $ 2,000 bids to offset the loss of part of the tax credit.

By November 2018, GM sold more than 18,600 volts and nearly 17,000 Bolts for the year according to InsideEVs. Also in November, GM said it would cut costs by eliminating the Volt line, although Volt was, apparently, better sales of low-emissions vehicles in the Chevy.

Now, Bolt buyers will see an effective price increase of $ 3,750, just like Tesla buyers. But GM may be able to reach customers that Tesla can not do: 2019 Chevy Bolt starts with just under $ 37,000, about $ 7,000 less than the current starting price for the model 3.

In October 2017, GM announced that it would introduce 20 new electric vehicle batteries, two in the next 18 months. However, that deadline is rapidly approaching and news of the new EV from GM is rare.

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