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US lawmakers begin push to expand federal electric vehicle tax credits

A bipartisan order of lawmakers plans to introduce a bill to expand federal tax credits for buyers of electric vehicles, in what could be a advantage for the growing EV market.

Electric vehicles comprise a tiny, but growing, share of the U.S. vehicle market. Support for low- and no-emissions vehicles has become accepted by both in the U.S. and in other major automotive markets, such as China. Though Tesla has been a market leader in EVs, disparate automakers are planning to release fully electric cars, trucks and SUVs over the next few years.

“This would be a biggest shot in the arm for Tesla as this could be a much needed potential catalyst for demand in the U.S.” said Wedbush analyst Dan Ives. “In the final, while there are still hurdles to get this legislation passed, it would result in an additional 40,000 Tesla conduits sold domestically in 2019 based on our estimates. After a tornado of bad news the last few months this would lastly be a positive data point for Musk & Co.”

— CNBC’s
Phil LeBeau
and Meghan Reeder contributed to this article. Reuters also have a hand ined to this report.

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