General Motors is scrapping a program aimed at allowing its dealers to continue offering for several months a $7,500 tax credit for electric vehicles following the Sept. 30 expiration of the federal subsidy, the company said Wednesday.
Toward the end of last month, GM devised a plan to have its in-house lending arm initiate the purchase of EVs in its dealers’ inventory. The company planned to apply for the federal $7,500 credit on those cars hours ahead of the deadline, and then roll that money into EV lease terms for customers.
The idea behind the