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From Jan. 1 next year, the $7,500 tax credit will drop to $3,750 around mid-year, the Tesla website said here. General Motors Co will also face the same problem as Tesla in the near future, as it is expected to hit the 200,000 mark with sales of its Chevrolet Bolt EV, the Chevrolet Spark all-electric subcompact car and Chevrolet Volt plug-in hybrid. The declining tax credit is seen as putting Tesla and GM at a disadvantage over newer entrants to the market, whose first 200,000 models will qualify for a full tax credit.

GM sold an estimated 184,000 full electric or plug-in golf ball cufflinks hybrid vehicles through June, according to website insideevs.com, which tracks electric vehicle sales, A spokesman for GM did not immediately respond to a request for comment, Earlier this year, amid concerns they could miss the federal tax break, some potential buyers of Tesla’s long-delayed Model 3 sedan began seeking alternatives, including GM’s Bolt, according to postings by would-be Tesla buyers on websites and interviews with GM dealers..

Both GM and Tesla have been lobbying Congress since last year, hoping to win changes to tax law that would allow them to continue to collect the tax credit, but have been unsuccessful to date. In March, GM Chief Executive Mary Barra called on Congress to expand the consumer tax credit for electric vehicles as the company boosted production of the Bolt in response to strong demand. Last week, GM said demand for the Bolt in the United States, Canada and South Korea had “outstripped production” and that it would increase output in the fourth quarter by 20 percent.

LONDON (Reuters) - A U.S, demand for documents related to Glencore’s (GLEN.L) assets in Democratic Republic of Congo (DRC) as part of a corruption probe has rattled investors and is likely to weigh on the miner’s performance until there is more clarity on the case, Glencore said it had received a subpoena from the U.S, Department of Justice dated July 2 requesting documents for its Congo business over compliance with the U.S, Foreign Corrupt Practices Act and rules against golf ball cufflinks money laundering..

The Switzerland-based company, which said documents for Venezuela and Nigeria were also requested, provided few details, although it said it would cooperate with the authorities. News of the subpoena led to the biggest one-day drop in the firm’s share price for two years. Glencore is now down about 20 percent so far this year, trading around 314 pence on Thursday. By comparison, shares in London-listed mining rivals Rio Tinto (RIO.L), Anglo American (AAL.L) and BHP BLT.L are up between 2 and 9 percent.

Glencore declined to comment when asked about the impact on the share price from the subpoena issue, golf ball cufflinks (GRAPHIC: Glencore versus mining peers - reut.rs/2KXsKWA), Operations in Venezuela and Nigeria are relatively small, but Congo accounts for 26 percent of Glencore’s net present value, the second biggest contributor behind Australia, according to BMO Capital Markets, NPV is the difference between the present or discounted value of cash inflows and outflows over future years and is used as a measure of the profitability of investment in a project..

(GRAPHIC: Glencore NPV - reut.rs/2NAkgpW). Congo also contributes $2 billion to Glencore’s annual core earnings or EBITDA (earnings before interest, tax, depreciation and amortization), or about 14 percent. Jefferies analyst Christopher LaFemina said the United States had a reputation for imposing hefty fines on companies found to have violated its laws in dealings abroad, although he said Glencore had not faced any charges. “Until this matter is resolved, investors are likely to assume Glencore will have to pay a large fine, and Glencore’s cost of capital will increase,” he said.

Adding to concerns, Britain’s Serious Fraud Office (SFO) is preparing to open a formal investigation into Glencore’s activities in Congo, Bloomberg reported in May, The SFO says it will golf ball cufflinks not comment on the issue, Glencore declined to comment, “Until some clarity is provided around the potential U.S./UK government investigations, it is difficult to see the company fully recovering from relative underperformance,” said Investec analyst Hunter Hillcoat, After releasing news of the U.S, subpoena, Glencore announced a buyback to bolster its share price, offering a brief bounce, But its shares are now back near their one-year low..

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