Ford and GM are working with dealer networks to roll out programs that would effectively offer consumers a $7,500 credit, instead of the now-expired federal EV tax credit, at least through the fourth quarter.
The federal EV tax credit ended on Tuesday due to a new directive from the Trump administration, effectively dismantling the subsidy that had supported electric vehicle buyers in various forms for nearly 17 years.
According to Reuters, Ford and GM have had their financing divisions place down payments on electric vehicles currently held in dealer inventory, thereby initiating the purchase process. These payments meet the requirement of being made before the September 30 deadline, ensuring all vehicles with down payments completed by that date remain eligible for the $7,500 tax credit.
Ford and GM are now expected to continue offering the tax credit to EV buyers through the end of the year.
“We worked with our GM dealers on an extended offer for customers to benefit from the tax credit for leases,” GM told Reuters.
Meanwhile, Ford is partnering with its dealers to provide competitive EV lease offers through Ford Credit until December 31.
Though the tax credit was limited to certain electric vehicles and plug-in hybrids, it was widely seen as an effective tool for promoting the transition from gasoline-powered cars to EVs. Among Ford’s lineup, only the F-150 Lightning qualified for the credit, whereas GM had a much broader range of eligible models, including the Cadillac Lyriq, Optiq, and Vistiq, along with electric versions of the GMC Sierra and the Chevrolet Blazer, Equinox, and Silverado.
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