GM scraps plan to claim last-minute EV tax credits, Reuters reports

GM is abandoning a program targeted at letting dealers continue offering a $7,500 tax credit for several months on electric vehicle leases following the September 30 expiration of the federal subsidy, Reuters’ Mike Colias and David Shepardson report. The car maker had previously devised a plan to have its in-house lending unit initiate the purchase of such vehicles in its dealers’ inventory, then planning to apply for the $7,500 credit on those cars and roll that money into EV lease terms for customers through the end of 2025, the authors note. “After further consideration, we have decided not to claim the tax credit,” the company told Reuters without elaborating on the reason for its decision.