If you’re hoping to buy a Chevy Bolt, you’ll want to act fast. General Motors recently passed the 200,000 EV sales mark, which now triggers the phase out of the federal tax credit for its electric cars.
General Motors sold its 200,000 electric car in the fourth quarter of 2018, which means that the $7,500 federal tax credit will be slashed to $3,750 starting in April and in October it will be cut in half to only $1,875. By April 2020 the federal tax credit will be completely phased out for any of GM’s electric cars.
GM isn’t the only automaker that’s passed the 200,000 sales mark, since last year Tesla also sold its 200,000th electric car. Starting on January 1, 2019 Tesla buyers will only get the $3,750 tax credit and in July it will be cut again before it’s officially gone at the end of 2019.
To counter the reduced federal tax credit, Tesla has reduced the starting prices of its vehicles by $2,000. It’s not known if GM will do something similar with the Chevy Bolt.