Car executives fear a collapse in EV sales as US tax subsidy vanishes

By Nora EckertDETROIT (Reuters) -Automotive executives are bracing for a freefall in U.S. electric-vehicle sales following the disappearance of a critical $7,500 tax break for buyers. Our competitors have built a lot of EVs,” Meunier told Reuters in an interview Tuesday. Congress approved a $7,500 tax credit in 2008 for buyers of electric cars and plug-in hybrid vehicles. Some dealers worry that the removal of the $7,500 tax credit will saddle them with unsold EVs. It’s based on an electric car is better for U.S. consumers.”(Reporting by Nora Eckert in DetroitEditing by Mike Colias and Matthew Lewis)