Automakers ask Congress to lift electric vehicle tax cap

NEW YORK (AP) — Major automakers are asking Congress to lift the cap on how many people would be offered tax credits if they buy a hybrid or fully electric vehicles. In a letter to leaders of the Senate and House of Representatives on Monday (June 13, 2022), the chief executives of Ford, Toyota, GM and Stellantis asked that tax credits be extended to anyone who seeks to buy a qualified vehicle. Currently the number of tax credits allowed are capped at 200,000 per company. General Motors and Tesla have already reached the cap and Toyota is close to it. Automakers say they want the cap lifted until “the EV market is more mature,” without giving a time frame.