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>>Ford discontinues a $7,500 lease incentive for electric vehicles as government subsidies expire.

Ford discontinues a $7,500 lease incentive for electric vehicles as government subsidies expire.

crypthub

1 day ago

Ford and GM Halt EV Tax Credit Program

Ford Motor and General Motors have discontinued programs allowing dealers to offer significant tax credits on electric vehicle leases. These initiatives were developed to assist customers following the expiration of a $7,500 government subsidy on September 30. Both automakers are now focusing on maintaining competitive lease payments instead of pursuing the tax credit.

Program Details and Financial Strategy

Ford’s financing division previously planned to purchase EVs from dealers and apply for the $7,500 credit. The funds would then be used to adjust lease terms, benefiting clients. Similarly, GM intended to apply for credit for tens of thousands of EVs held by dealers, planning to assist customers with lease agreements.

Influences and Future Outlook

General Motors' decision was reportedly influenced by concerns from U.S. Senator Bernie Moreno. Ford has not publicly disclosed the reasons for its decision, although both companies consulted with the IRS. Some automotive executives are worried about a potential market drop without the credit, while others remain optimistic.

Dealer Support and Industry Trends

The federal tax credit program aimed to help dealers manage the end of the subsidy and potential unsold EVs. Moreno expressed approval of GM’s decision and anticipates other automakers will follow suit, signaling a shift in industry practices.