Looking to buy a Chevy Volt? Do it before March 31 for a full tax credit.

Americans looking to purchase a plug-in Chevy Volt or Bolt EV from General Motors have until Sunday to receive the full federal tax credit for buying an emissions free vehicle.

On April 1, the credit drops from $7,500 to $3,750 – a result of GM selling more than 200,000 electric vehicles. That number declines again on Oct. 1 to $1,875 and eventually zeroes out on April 1, 2020.

The Detroit-based carmaker will not lower its prices as a result of the declining federal subsidy, but will use incentives to "remain competitive," a spokesman told FOX Business.

GM is the second company to cross the 200,000 unit threshold, after Tesla reached it in July 2018.

Ticker Security Last Change Change %
GM GENERAL MOTORS CO. 47.45 +0.05 +0.11%

The carmaker introduced a lower-priced $35,000 version of its Tesla Model 3 to entice consumers in absence of the full credit, which will drop to $1,875 on June 1.


GM plans to introduce a slate of new electric vehicles in the coming years. CEO Mary Barra recently announced a $300 million investment in a Detroit plant to expand production of emissions-free cars.