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• The executives said the credit is essential to keep the vehicles affordable as production and commodity costs rise
CEOs of top automakers on Monday urged lawmakers to lift the federal government’s cap on the number of vehicles that are eligible for a tax credit of up to $7,500.
CEOs of Ford Motor Co (NYSE: F), General Motors Co (NYSE: GM) and Stellantis (NYSE: STLA) said in a joint letter to Senate that credit is essential to keep the vehicles affordable as production and commodity costs rise.
“The coming years are critical to the growth of the electric vehicle market and as China and the EU continue to invest heavily in electrification, our domestic policies must work to solidify our global leadership in the automotive industry,” the letter states, reported CNBC.
According to the letter, the companies also plan to invest more than $170 billion through 2030 to boost EV development, production and sales.
Picture Credits: Bloomberg News
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