Biden administration expands EV tax credits in boost for Tesla, Cadillac, others
Publishing timestamp: 2023-02-03 12:54:58
Summary
The US Treasury is changing its definition of "SUV" to make more electric vehicles from Tesla, General Motors and other automakers eligible for up to $7500 in federal tax credits at higher prices. This follows Tesla CEO Elon Musk publicly criticizing former standards and GM and Ford lobbying to change guidelines. It is unclear how this decision will affect Tesla's pricing cuts announced last month. Wall Street applauded Tesla's price reductions but was concerned that it would start an EV pricing war and pressure margins of other automakers. Ford and GM have both thanked the Treasury for the changes.
Sentiment: POSITIVE
Keywords: tesla inc, climate, business news, detroit, united states, elon musk, technology, general motors co, transportation, autos, business, breaking news: business, ford motor co,
Source: https://www.cnbc.com/2023/02/03/biden-ev-tax-credits-tesla-suv.html