U.S. lawmakers introduce bill in bipartisan effort to boost EV tax credits

A bipartisan group of U.S. lawmakers introduced legislation on Wednesday to expand the electric vehicle tax credit by 400,000 vehicles per manufacturer, a provision that would give a boost to Tesla Inc. and General Motors before the existing credit comes to an end for them.

The bill is sponsored by Democrat Sens. Debbie Stabenow and Gary Peters, Republican Sens. Lamar Alexander and Susan Collins and Democratic Rep. Dan Kildee.

The bill could lift electric vehicle sales in a boost for automakers that have committed tens of billions of dollars toward meeting global emissions requirements.

GM and Tesla shares rose on Reuters report that the bill would be introduced. GM shares gained 1 percent to close at $39.25 while Tesla increased 1.4 percent to $276.06.