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Do car manufacturers get subsidies for electric cars?
I know that consumers can get a tax credit for purchasing an electric car, but do the manufacturers themselves have any incentives, like government subsidies, to make electric cars?
Allison Stone · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
Absolutely, in fact, the U.S. government has been subsidizing the production of
electric cars
in some shape or form since President Barack Obama set a goal for the U.S. to become the first country with one million electric vehicles in 2011. The Obama administration alone pledged $2.4 billion dollars in grants to support the manufacturing and development of electric cars and batteries.
The majority of states in the U.S. also offer incentives to electric car drivers beyond the
federal tax credit
, including bonuses like:- Lower vehicle licensing taxes
- Purchase rebates
- Income tax credits
- Excise tax exemption and reduced registration fees
- Exemption from parking fees
- Exemptions from state motor vehicle inspection and maintenance programs
- Access to carpool lanes
While these incentives may benefit consumers directly, they also benefit manufacturers as they encourage more consumers to purchase electric cars.
If you’re thinking about buying a new electric car, the
Jerry
app can help you get the best deal possible on car insurance
. Jerry is a licensed broker that does all the hard work of finding and comparing quotes from the top name-brand insurance companies. Jerry will send you new quotes every time your policy comes up for renewal, so you’re always getting the coverage you want at the best price. Sign up today, and in less than 45 seconds Jerry will collect and analyze all of the information from your existing insurer to find you the best quotes for the best price.
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- Gregory R.
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