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WASHINGTON (Reuters) – General Motors Co (GM.N) hit 200,000 total electric vehicles sold in the United States by the end of 2018, reaching a threshold that triggers a phase-out of a $7,500 federal tax credit over the next 15 months, a person briefed on the matter said Wednesday. The largest U.S how to wear cufflinks with buttons. automaker reached the figure in the fourth quarter of 2018, which means the credit will fall to $3,750 in April, and then drop to $1,875 in October for six months. The credit will completely disappear by April 2020. The 200,000 figure covers GM’s cumulative EV sales since 2010..
The tax credit is aimed at defraying the cost of electric vehicles that are more expensive than similarly sized internal combustion engine vehicles how to wear cufflinks with buttons. In 2009, Congress set the phase-out threshold at 200,000 vehicles per manufacturer. GM, which said previously it expected to reach the 200,000 sales figure before the end of 2018, declined to comment ahead of the release of its quarterly sales results on Thursday. GM and Tesla Inc (TSLA.O), which hit the 200,000 figure in July 2018, have both lobbied Congress to lift the cap or extend the existing tax credit. Tesla’s EV tax credit fell to $3,750 on Tuesday and Tesla said it was cutting prices on its EVs by $2,000 to partially offset the lower tax credit..
In March, GM Chief Executive Mary Barra called on Congress to expand the consumer tax credit for electric vehicles as the company boosted production of the EV Bolt in response to consumer demand. She repeated the request last month during a visit to Capitol Hill how to wear cufflinks with buttons. GM said in November it was doubling resources allocated to developing electric and self-driving vehicles as part of a significant restructuring that includes ending production at five North American plants. GM also announced it would halt production of the plug-in hybrid Chevrolet Volt by March..
NEW YORK (Reuters) – Weak Chinese and European economic data weighed on stocks around the world and boosted safe-haven Treasuries and the Japanese yen on Wednesday, though Wall Street shares edged higher as investors took advantage of cheaper shares to ring in the new year. Chinese factory activity contracted for the first time in more than two years, according to a private survey. The Purchasing Managers’ Index (PMI) for the euro zone also reached its lowest level since February 2016, and France’s PMI fell in December for the first time in two years how to wear cufflinks with buttons. Concerns about the flagging global economy contributed to U.S. stocks posting a loss in 2018 for the first time in a decade..
The U.S. benchmark S&P 500 stock index dropped as much as 1.6 percent on the data, but later moved higher in choppy trading and ended up 0.13 percent. Bank and energy shares, which have been especially hard-hit in recent sell-offs, were among the biggest gainers. But while cyclical stocks rose, defensive shares fell how to wear cufflinks with buttons. Keith Lerner, chief market strategist at SunTrust Advisory Services in Atlanta, said that divergence was likely driven by investors’ seeking to rebalance their portfolios by looking for undervalued stocks..