Automaker CEOs urge Congress to lift EV tax credit cap General Motors, Ford, Stellantis and Toyota have written to Congressional leaders and urged them to lift a cap on the $7,500 electric vehicle tax credit, citing higher costs to produce zero-emission vehicles. The current $7,500 tax credit phases out after a manufacturer hits 200,000 vehicles sold. Both GM and Tesla have already hit the cap and are no longer eligible for the consumer tax credits. "We ask that the per-(automaker) cap be removed, with a sunset date set for a time when the EV market is more mature," the automakers said in the letter. "Recent economic pressures and supply chain constraints are increasing the cost of manufacturing electrified vehicles which, in turn, puts pressure on the price to consumers." The letter comes amid growing concerns among auto industry executives that the window is closing for U.S. Congress to extend electric vehicle tax credits given Republicans may retake control of one or both houses of Congress next year.