End to Subsidies for Electric Cars, Renewables

WASHINGTON, December 04, 2018 : United States wants to end subsidies for electric cars and other items including renewable energy sources. White House economic adviser Larry Kudlow said  he expected subsidies for buying electric cars will end in 2020 or 2021.               

Electric car buyers currently get tax credits of $7,500 per vehicle. But that times out as each company sells 200,000 cars — a level that a handful of companies, including General Motors, are approaching.  

The tax credits are capped by Congress at 200,000 vehicles per manufacturer, after which the subsidy phases out. GM has said it expects to hit the threshold by the end of 2018, which means under the current law, its tax credit eligibility would be completely phased out in 2020. Tesla said in July it had hit the threshold. Other automakers may not hit the cap for several years.

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