General Motors’ electric goals are catching up to Tesla.
The American car company reportedly reached 200,000 electric vehicle sales in the U.S. since it started selling the zero-emission vehicles. A company spokesperson said official numbers would be released Thursday. That number is significant, because once a car maker reaches 200,000 electric vehicles sold, a hefty federal tax credit starts phasing out.
Tesla hit the threshold in July, so the $7,500 began to phase out on Dec. 31. As of Jan. 1, buyers can apply for the credit for only $3,750. For GM, the subsidy will fully disappear in April 2020, according to Reuters. For would-be GM car buyers, now’s the time to buy an electric vehicle to apply for the full $7,500 tax credit. It will be halved by July.
GM has the all-electric Chevy Bolt and hybrid Chevy Volt, which will be discontinued as the company focuses more on SUVs and crossovers instead of sedans.
An online EV sales tracker puts GM at over 203,000 vehicles sold since 2010 and Tesla at over 120,000 more EVs sold since hitting 200,000 in July. The next closest is Nissan with its all-electric Leaf.
Tesla announced Wednesday that last quarter it made 86,555 vehicles, an 8 percent increase from the previous quarter. On the delivery-front Tesla got 90,700 of its Model 3, S, and X cars to customers, a number that Tesla admitted was “limited.” The company said 1,010 Model 3 vehicles were in transit before the end of the quarter, missing the 2018 delivery deadline.
To make up for the delayed deliveries and fewer incentives, Tesla will “partially absorb” the reduced federal tax credit. So all vehicles will be $2,000 less starting today. The price reduction is available for all buyers.
If there’s ever a time to go electric, it’s now.
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