Electric car battery tips: How to keep your EV in top condition all year round
These three simple tips will help your electric vehicle battery perform at its best all year long.
Ford Motor Company announced Thursday that it is rescinding a program that allowed dealers to offer a $7,500 tax credit on EV leases after federal subsidies expired on Sept. 30.
“Ford will not claim the EV tax credit, but will maintain lease rates that are competitive in the current market,” a spokesperson said.
The decision follows a similar move by General Motors Co GM.N on Wednesday. While automakers like Hyundai and Stellantis are offering cash-off incentives to bridge the gap for buyers, Ford and GM have taken a different approach.
The in-house financing departments of these two automakers planned to begin purchasing EVs in dealer inventory, and both companies would apply for $7,500 in credits on those vehicles and roll that money into the terms of EV leases to customers.
Ford Credit will continue to offer 0% financing for 72 months and other incentives to customers who want to purchase an electric vehicle, a spokesperson said.
GM chose to cancel the program after Ohio Republican Sen. Bernie Moreno, a former auto dealer and active auto policy voice, expressed concerns about the program, people briefed on the matter told Reuters. It’s unclear why Ford canceled the project.
Reuters previously reported that Ford and GM developed the strategy in consultation with Internal Revenue Service officials.
Some auto executives, including Ford CEO Jim Farley, have warned that without trust, EV sales will plummet. Other auto industry leaders, such as the CEO of Hyundai Motor North America, are adamant that the electric vehicle market is more resilient than that.
Report by Nora Eckert. Editing: Chizu Nomiyama
