In this article

GM

Follow your favorite stocks CREATE FREE ACCOUNT

General Motors is scrapping a program aimed at allowing its dealers to continue offering for several months a $7,500 tax credit on electric-vehicle leases following the Sept. 30 expiration of the federal subsidy , the company said on Wednesday.

Toward the end of last month, GM devised a plan to have its in-house lending arm initiate the purchase of EVs in its dealers' inventory. The company planned to apply for the federal $7,500 credit on those cars hours ahead of the deadline then roll that money into EV lease terms for customers.

"After further consideration, we have decided not to claim the tax credit," the company said in a statement to Reuters on Wednesday.

GM opted to kill the program after concern

See Full Page