© Reuters. FILE PHOTO: A model of the all-new Ford F-150 Lightning electric pickup is parked in front of the Ford Motor Company World Headquarters in Dearborn, Michigan, U.S., April 26, 2022. REUTERS/Rebecca Cook
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WASHINGTON (Reuters) – The chief executives of General Motors Co (NYSE:), Ford Motor (NYSE:) Co, Chrysler-parent Stellantis NV and Toyota Motor (NYSE:) North America on Monday urged Congress to lift a cap on the $7,500 electric vehicle tax credit, saying it will “provide much-needed certainty to our customers and domestic workforce,” according to a letter seen by Reuters.
The automakers said in the letter to congressional leaders that they have pledged to invest over $170 billion through 2030 to bolster electric vehicles’ development, production and sale. The current $7,500 tax credit phases out after a manufacturer hits 200,000 vehicles sold. Both GM and Tesla (NASDAQ:) have already hit the cap and are no longer eligible for the consumer tax credits.
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