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45m ago

U.S. EV Tax Credit Ends as Ford and GM Extend Savings Through Leases and Tesla Raises Lease Prices

Analysts expect a post-deadline sales dip following a pull-forward surge, with only lease workarounds and prior contracts preserving some savings.

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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

  • The federal clean-vehicle credits of up to $7,500 for new EVs and $4,000 for used EVs terminated Sept. 30 under the One Big Beautiful Bill Act signed by President Donald Trump.
  • Ford and GM confirmed programs using their captive-finance units to buy dealer inventory and factor the $7,500 into lease deals, with Ford’s offers running through Dec. 31 and GM’s available at participating dealers while supplies last; Lucid is honoring savings for certain Gravity SUV lessees who ordered by the deadline through year-end.
  • The IRS said buyers who had a written binding contract and made payment by Sept. 30 can still claim the credit even if delivery occurs after the cutoff.
  • EV demand was pulled forward ahead of the deadline, with Cox Automotive data showing record Q3 volumes and roughly 10% market share in August, and the Congressional Research Service has projected sales could fall 25%–30% after the subsidy ends.
  • Tesla raised U.S. lease prices after the credit expired, with Model Y monthly leases moving to about $529–$599 from $479–$529 and Model 3 to about $429–$759 from $349–$699, while vehicle sticker prices remained unchanged.