Senate bill could jump-start EV sales

The slimmed-down bill to support families, boost infrastructure, and fight climate change may also positively impact the sales of electric vehicles (EV), according to a report from the Associated Press. The new measure, agreed to by Senate Majority Leader Chuck Schumer and Sen. Joe Manchin of West Virginia, would give EV buyers a $7,500 tax credit starting next year and through the end of 2032. Additionally, purchasers of used EVs would receive a $4,000 credit. To be eligible, the EV has to be assembled in North America and within the price caps — $80,000 for new pickups, SUVs, and vans, $55,000 for other new vehicles, and $25,000 for used electric vehicles. There are also limits on annual income for buyers. For the first half of 2022, EVs accounted for about 5% of U.S. new vehicle sales. S&P Global Mobility expects that to hit 8% next year, 15% by 2025, and 37% by 2030.

It is still uncertain whether backers have enough votes to pass the measure in the 50–50 U.S. Senate, as observers wait to hear from U.S. Sen. Kyrsten Sinema, D-Arizona. Sinema is reportedly reading the bill and has not yet indicated her support.