Ford and General Motors have announced price increases for their electric vehicles, essentially offsetting the electric vehicle tax credits contained in Democrats’ “Inflation Reduction Act.”

The price hikes effectively negate the potential tax benefit of buying one of the manufacturers’ new electric vehicles,The Daily Wirereports:

“Citing ‘significant material cost increases and other factors,’ Ford’sannouncementrevealed price hikes between $6,000 and $8,500 for its electric vehicles. The F-150 Lightning Pro, for example, will sell for $46,974 — a $7,000 increase from the $39,947chargedfor last year’s model. GM likewiseincreasedthe cost of its electric Hummer by $6,250 last month.

Ford, GM Raise Electric Vehicle Prices, Offsetting Tax Credits in Biden’s ‘Inflation Reduction Act’ | CNSNews