The federal government should lift the cap on tax credits for electric vehicles, a top General Motors Co. executive says.
GM Vice Chairman Tom Stephens praised the government for all of the efforts toward making electric vehicles a reality. But he said he'd like to see Congress lift the cap on the $7,500 tax credit.
Currently, credit is capped at 200,000 vehicles per manufacturer. He warned that automakers could hit that cap during the first-generation of electric vehicles.
GM is set to sell about 10,000 extended range electric Chevrolet Volt models over the next year — and 30,000 in 2012.
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