A joint letter by the automakers was issued to Congress on June 13, 2022. In it, the automakers call for a cap higher than the current 200,000 vehicle limit. So far, only GM and Tesla have hit the cap, but other automakers should hit it soon as more EV models roll out. A surprising move comes when the letter states that a sunset date should be set for the credit once the EV market is “more mature” with the letter highlighting foreign EV growth is key to growth here in the U.S. Not all lawmakers are on board, however, with Democratic senator Joe Manchin not wanting the government to foot the bill. Maybe the real solution is to get rid of the credit entirely and let market forces sort it out. . . .
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