GM says no cut in Chevy Bolt sticker price as U.S. tax credit for EVs drops

[Eugene]

Source: Reuters

BUSINESS NEWS MARCH 28, 2019 / 5:38 PM / UPDATED 6 HOURS AGO

GM says no cut in Chevy Bolt sticker price as U.S. tax credit for EVs drops

David Shepardson
3 MIN READ

(Reuters) - General Motors Co on Thursday said it has no plan to cut the sticker price on its electric Chevrolet Bolt sedan after a federal tax credit drops by half to $3,750 on Monday.

Last year, GM became the second automaker in the United States to hit the 200,000 cumulative electric vehicles sales figure, which triggers a phaseout of the $7,500 federal tax credit over 15 months.

GM has laid out an aggressive electric vehicle strategy, vowing to bring at least 20 EV models to market by 2023.

In January, Tesla Inc cut the prices of its EVs by $2,000 after its EV tax credit fell from $7,500 to $3,750 after it hit the 200,000 EV sales milestone.

Asked why GM is not cutting the price to account for the lower tax credit, spokesman Jim Cain said “it is easier to react to the market by working with dealers and your marketing team than it is to change sticker prices.”

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Read more: https://www.reuters.com/article/us-gm-taxcredit-electric/gm-says-no-cut-in-chevy-bolt-sticker-price-as-u-s-tax-credit-for-evs-drops-idUSKCN1R92QI

[Auggie]

1. Quite the enigmatic quote:

“It is easier to react to the market by working with dealers and your marketing team than it is to change sticker prices.”



Enigmatic? Bullshit? Both?