A bipartisan group of lawmakers plan to introduce a bill to expand federal tax credits for buyers of electric vehicles, in what could be a boon for the growing EV market.
The existing $7,500 tax credit for buyers of EVs phases out over 15 months once an automaker sells 200,000 electric cars. The tax credit for Tesla buyers was halved to $3,750 on Jan. 1. GM's tax credit likewise fell starting April 1.
CNBC confirmed that the bill dubbed the Driving America Forward Act would grant each automaker a $7,000 tax credit for an additional 400,000 vehicles on top of the existing 200,000 vehicles eligible for $7,500 tax credits. It would shorten the phase-out schedule to nine months.
Tesla shares rose 1.5 percent in morning trading Wednesday on the news.
The bill is sponsored by Democratic Senators Debbie Stabenow and Gary Peters, Republican Senators Lamar Alexander and Susan Collins and Democratic Representative Dan Kildee.
Electric vehicles comprise a tiny but growing share of the U.S. vehicle market.
CNBC's Phil LeBeau and Meghan Reeder contributed to this article. Reuters contributed to this report.
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