Exclusive-GM backtracks on plan to claim last-minute EV tax credits

Core Viewpoint - General Motors has decided to terminate a program that would have allowed its dealers to continue offering a $7,500 tax credit on electric vehicle leases after the federal subsidy expired on September 30 [1][3]. Group 1: Program Details - GM initially planned for its in-house lending arm to purchase EVs from dealers' inventory and apply for the federal $7,500 credit, rolling that money into lease terms for customers until the end of the year [2]. - The program aimed to alleviate concerns from dealers about being left with unsold EVs after the tax credit expiration, with plans to claim the credit on tens of thousands of EVs in dealer stocks [4][5]. - GM Financial had already begun making down payments on approximately 20,000 EVs to qualify for the subsidy before the deadline [5]. Group 2: Reactions and Implications - Republican Senator Bernie Moreno expressed satisfaction with GM's decision to scrap the tax-credit plan, emphasizing the importance of adhering to the expiration of EV subsidies [4]. - The company stated it would fund incentive lease terms through the end of October, with down payments calculated as 5% of the maximum price for each vehicle [6].