Ford, GM Raise Electric Vehicle Prices, Offsetting Tax Credits in Biden’s ‘Inflation Reduction Act’
Ford and General Motors have announced price increases for their electric vehicles, essentially offsetting the electric vehicle tax credits contained in Democrats’ “Inflation Reduction Act.”
The price hikes effectively negate the potential tax benefit of buying one of the manufacturers’ new electric vehicles, The Daily Wire reports:
“Citing ‘significant material cost increases and other factors,’ Ford’s announcement revealed price hikes between $6,000 and $8,500 for its electric vehicles. The F-150 Lightning Pro, for example, will sell for $46,974 — a $7,000 increase from the $39,947 charged for last year’s model. GM likewise increased the cost of its electric Hummer by $6,250 last month.
“The price hikes are comparable to the $7,500 tax credits for new electric vehicles included in the $740 billion Inflation Reduction Act, which currently awaits President Joe Biden’s signature.”
Additionally, as Kiplinger notes, higher prices of electric vehicles make them less likely to qualify for the tax credit – READ MORE
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