FILE PHOTO – The GM logo is seen at the General Motors Assembly Plant in Ramos Arizpe, in Coahuila state, Mexico November 25, 2017. REUTERS/Daniel Becerril
WASHINGTON (Reuters) – General Motors Co (GM.N) reached 200,000 cumulative U.S. electric vehicles sold late last year, triggering a phase-out of a $7,500 federal tax credit over the next 15 months, a person briefed on the matter said on Wednesday.
The largest U.S. automaker hit the figure in the fourth quarter of 2018, which means the credit will fall to $3,750 in April, and then drop to $1,875 in October for six months. The credit will completely disappear in April 2020.
GM, which said previously it expected to reach the 200,000 sales figure before the end of 2018, declined to comment ahead of the release of its sales results on Thursday.
Reporting by David Shepardson; Editing by Bernadette Baum