GM hit 200,000 U.S. electric vehicles sold in 2018 - source

FILE PHOTO: Chevrolet Bolt, an all-electric vehicle, is on display at a General Motors Co., announcement in Detroit, Michigan, U.S., December 15, 2016. REUTERS/Rebecca Cook - Copyright Rebecca Cook(Reuters)

By Reuters

Published on 02/01/2019 - 18:34•Updated 25/04/2024 - 08:37

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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 (£5,956) 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)

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