It could prove to be an unpopular move, as the tax credits have been shown to work. The Biden administration claims that the tax credits have been successful, saving car buyers $1 billion in 2024 alone. The credit can now be applied at the point of sale, meaning shoppers can accept a discount on their EV purchase directly from dealers. And EV sales are continuing to increase, growing 11 percent year over year in the third quarter of 2024, according to Cox Automotive.
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