The new credits start the counters over and or have entirely new phase outs.
GM is most definitely back in the game when/if the new tax credits pass.
Tesla will also be back in the tax credit game but will only qualify for $7500 under either option.
There are two versions floating around but all auto makers start over in both plans.
Edited to add:
I found a chart that summarizes things as they stand now.
In both versions the credit starts at $7500 and then there are options for increases depending on where the car was made, who made it, and how much domestic content.
Both versions max out at $12,500 if all conditions are met. I believe only the Chevy Bolt and Ford F-150 will qualify for $12,500. The GMC Hummer has an MSRP above either cap. The Chevy Bolt will be an amazing value if either version passes as is. An amazing value!
As for the sunset period, one version stays in effect for 10 years no matter how many cars are sold and the other ends when 50% of all annual U.S. passenger vehicle sales are EVs.
I have been paying somewhat close attention as I am looking at replacing my second car. I have ordered both a Ford Mach e and a Tesla Model Y. I will buy whichever one is produced first early next year as both should qualify for $7500. I am rooting for the Ford Mach e to be ready first.
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