Inflation Reduction Act EV tax credits could hurt sales


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…


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