American car buyers have claimed more than $1B in federal EV incentives

Americans have now claimed more than $1 billion in new EV purchase credits and other point-of-sale subsidies under the Inflation Reduction Act, the U.S. Treasury Department announced Wednesday morning, calling it a "major milestone" for the program that went into effect in January. More than 150,000 total payments have been issued under the program, the administration said, and more than 125,000 of those were advance tax credits for new electrified vehicles.

"President Biden’s Inflation Reduction Act is lowering costs for electric vehicle purchases, with more than $1 billion in upfront savings for American consumers since January. This discount is increasing consumer choices and creating new opportunities for companies to expand their customer base," said Secretary of the Treasury Janet L. Yellen. “Consumers are saving up front and over time, with $1,750 savings on gas and maintenance each year and $21,000 saved over the lifetime of a vehicle."

The long-term savings may sound an awful lot like a Tesla sales pitch, but the administration offered some data to back up its math.