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2h ago

EV Tax Credit Ends as Ford and GM Keep $7,500 Lease Savings Alive

Analysts expect a near-term sales dip following the deadline.

These U.S. States Still Offer Rebates For EVs And PHEVs: Buying Tips
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Jim Farley, CEO of Ford Motor Company, poses with the new all-electric F-150 Lightning performance truck at its reveal at Ford World Headquarters on May 19, 2021 in Dearborn, Michigan. The truck will be built at the all-new Ford Rouge Electric Vehicle Center in Dearborn starting in the Spring of 2022.

Overview

  • Federal incentives of up to $7,500 for new EVs and $4,000 for used models expired on Sept. 30 under the One Big Beautiful Bill Act.
  • Ford and GM confirmed dealer financing programs that purchase or place down payments on dealer EV inventory, enabling leases that pass through $7,500 in savings; Ford’s runs through Dec. 31 via Ford Credit and GM’s applies at participating dealers while supplies last.
  • The IRS said buyers with a written binding contract and payment made by Sept. 30 can still claim the credit even if the vehicle is delivered later.
  • A last‑minute rush produced record EV sales, with about 146,000 sold in August and an estimated 410,000 in Q3, straining inventories at many dealerships.
  • Ford CEO Jim Farley said U.S. EV share could fall toward 5% without the credit, and the Congressional Research Service projects a 25%–30% sales decline as automakers tilt toward hybrids and targeted incentives; some states still offer limited rebates.