Senate deal would revive EV tax credits for GM, Tesla and Toyota

Automakers might just get the EV tax credit extension they've been hoping for. Bloomberg and InsideEVs claim Senators Chuck Schumer and Joe Manchin have reached an agreement on the Inflation Reduction Act that would replace the 200,000-unit cap on federal EV tax credits with a system that would restore those perks for GM, Tesla and Toyota. According to Bloomberg's sources, the new approach is a compromise that would switch to price- and income-based limits, drop union manufacturing requirements and offer credits for used EVs.