GM hits federal electric car sales threshold six months after Tesla

General Motors' electric goals are catching up to Tesla.

The American car company reportedly reached 200,000 electric vehicle sales in the U.S. since it started selling the zero-emission vehicles. A company spokesperson said official numbers would be released Thursday. That number is significant, because once a car maker reaches 200,000 electric vehicles sold, a hefty federal tax credit starts phasing out.

Tesla hit the threshold in July, so the $7,500 began to phase out on Dec. 31. As of Jan. 1, buyers can apply for the credit for only $3,750. For GM, the subsidy will fully disappear in April 2020, according to Reuters. For would-be GM car buyers, now's the time to buy an electric vehicle to apply for the full $7,500 tax credit. It will be halved by July. Read more...