GM fights to retain key tax credit amid plant closing plans
General Motors is fighting to retain a valuable tax credit for electric vehicles as the nation's largest automaker tries to deal with the political fallout triggered by its plans to shutter several U.S. factories and shed thousands of workers.
Preserving the $7,500 tax incentive for buyers is crucial for GM as it pivots from internal combustion engines in favor of building cars powered by batteries or hydrogen fuel cells. The layoffs and plant closings could imperil GM's push to keep the incentive.
The credit makes plug-ins such as the $36,000 Chevy Bolt more affordable at a time when competition from other electric vehicle makers is heating up.
GM faces opposition from President Trump and other Republicans who consider the credit a waste of taxpayer money and want it eliminated.