The U.S. Department of Treasury has announced that over $2 billion in taxpayer-funded electric vehicle (EV) tax credits have been provided to consumers since the beginning of the year, as part of the Biden administration’s electrification push.
The subsidies, delivered as tax credits of up to $7,500 for new EVs and $4,000 for used models, have played a role in the purchase of over 300,000 battery-electric, plug-in hybrid, and fuel-cell vehicles so far this year, according to an Oct. 1 statement from the Treasury Department.
Introduced by the Inflation Reduction Act, the subsidies, which took effect this year, allow tax credits to be applied at the point of sale instead of when filing taxes. Treasury cited research indicating that consumers overwhelmingly prefer this immediate rebate option, as it reduces the initial purchase price….