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California Ponders Hike in EV Subsidies
California is considering a move to boost its sales incentives on electric vehicles to $4,500 from the current $2,500, Bloomberg News reports.
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California is considering a move to boost its sales incentives on electric vehicles to $4,500 from the current $2,500, Bloomberg News reports.
The current state credits are in addition to the $7,500 tax break offered by the federal government. But those incentives apply only until a given carmaker reaches sales of 200,000 units. Tesla achieved that volume in July, and General Motors is approaching the same threshold.
Mary Nichols, who chairs the California Air Resources Board hopes that Congress will agree to lift its EV sales cap so that more consumers can afford to buy an electric vehicle. Otherwise, she says, California will look for ways to compensate for the shortfall. Bloomberg says CARB will hold a hearing later this week about its proposed $4,500 incentive scheme.
Bloomberg notes that California has been gaining revenue that could be used for incentives as it collects payments from carmakers that are buying credits to meet the state’s regulations about low-carbon-content fuels.
The state funds the current $2,500 incentive program with funds generated when companies buy credits to help them comply with a separate, cap-and-trade program to curb carbon emissions.
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