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Ford reverses plan to claim EV tax credits, following GM
Ford and General Motors stopped offering EV lease tax credit incentives after federal subsidies ended, with GM funding $6,000 in savings through October, executives warned of sales declines.
- On Thursday, Ford Motor Company said it will not claim the EV tax credit and is walking back a program allowing dealers up to $7,500 on EV leases after the federal subsidy expired September 30.
- After the federal subsidy expired September 30, automakers planned to pass savings to lessees to avoid a sudden price uptick following Congress and President Donald Trump axing the program in September.
- Pressure from a prominent senator led General Motors to abandon its plan, and GM will fund incentive lease terms through the end of October, offering about $6,000 in savings.
- Ford Credit will continue to offer 0 percent financing for 72 months and other incentives, while Ford CEO Jim Farley warned last month that U.S. EV sales could be halved without the tax credit.
- Some automakers including Hyundai and Stellantis offered cash-off incentives, while the CEO of Hyundai Motor North America said the EV market is resilient despite most EVs costing thousands more than gas models.
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The Columbian+3 Reposted by 3 other sources
Ford joins GM in dropping scheme to extend EV credit
Ford Motor Co. on Thursday said it won’t file for federal plug-in vehicle tax credits for transactions after the program’s deadline, following a similar decision by General Motors Co. Read more...
·Vancouver, United States
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Coverage Details
Total News Sources19
Leaning Left8Leaning Right0Center6Last UpdatedBias Distribution57% Left
Bias Distribution
- 57% of the sources lean Left
57% Left
L 57%
C 43%
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