last week, wrestling the title away from LVMH chairman Bernard Arnault, as shares of Tesla, Musk’s electric vehicle giant, surged to its highest level this year. Tesla gained again on Friday after General Motors said it had a deal for its EV customers to use Tesla’s charging stations, following a similar deal by Ford.
Though only a handful of EVs officially qualify for a $7,500 federal tax credit, mainly those made in North American plants with locally sourced components and materials, some automakers are leveraging a loophole in the legislation. BMW, Genesis, Hyundai, Kia and a few brands have found that their customers can take advantage of the credit via leasing programs.
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