Trump's Christmas Gift to Big Oil: Killing Hopes of Electric Car Tax Credit Extension

The oil industry, a staunch opponent of electric vehicles (EVs), received an early Christmas present from the White House as President Trump reportedly intervened to quash an EV tax credit expansion from inclusion in a government spending package. The tax credit is meant to help offset the upfront cost of electric vehicles and boost the EV market. Consumers who purchase an EV can currently claim a credit up to $7,500, and the credit phases out once auto manufacturers sell 200,000 qualifying vehicles. Tesla and General Motors have both hit the 200,000-vehicle cap and had lobbied for an extension. A bipartisan proposal called for allowing a $7,000 credit for an additional 400,000 vehicles sold.

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