Tesla cars charge next to a traditional Texaco gas station on July 17, 2022 in Nephi, Utah. With more electric cars on the road, lack of charging infrastructure is becoming more of a problem for EV owners.
George Frey | Getty Images
Proposed tax credits of up to $7,500 for electric vehicles under the Inflation Reduction Act could be counterintuitive for sales of EVs, according to several companies and a group representing major automakers such as General Motors, Toyota Motor and Ford Motor.
The new rules would raise a sales threshold for qualification, but would impose materials sourcing and pricing stipulations, along with personal income caps.
The federal government has used EV tax credits as a tool to promote the adoption of electric vehicles and lower the U.S. automotive industry’s reliance on fossil fuels. Electric vehicles are currently far pricier than their gasoline counterparts…
