Rising Costs Wipe Out Benefit of 'Inflation Reduction' Act's $7,500 Electric Vehicle Credit

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Rising Costs Wipe Out Benefit of 'Inflation Reduction' Act's $7,500 Electric Vehicle Credit
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Ahead of the passage of the $700 billion Inflation Reduction Act, Ford Motor Company and General Motors raised the prices of their electric vehicles, eliminating the potential benefit of the bill’s $7,500 electric vehicle tax credit.

Ford announced last week it would raise the prices of most of its F-150 Lightning electric vehicles between $6,000 and $8,500, and General Motors increased the price of its electric Hummer by $6,250.

A battery is lifted into place for installation in the Chevrolet Bolt EV at the General Motors Orion Assembly plant in Orion Township, Michigan.

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