Exclusive-Ford, GM launch programs to extend use of $7,500 EV lease credit

Core Viewpoint - Ford and General Motors are implementing programs to extend the benefits of a $7,500 U.S. tax credit on electric vehicle leases beyond its expiration date, aiming to mitigate the anticipated decline in EV sales and leasing following the subsidy expiration [1][5]. Group 1: Programs and Initiatives - Both Ford and GM have introduced programs that involve their financing arms making down payments on electric vehicles in dealer inventories, allowing these vehicles to qualify for the federal tax credit [2][3]. - The down payments made by the automakers' financing arms will enable dealers to offer leases on these vehicles to retail customers for several more months, incorporating the $7,500 subsidy into the lease rates [3][4]. - GM stated that it collaborated with its dealers to create an extended offer for customers to benefit from the tax credit for EV leases, while Ford is working to ensure competitive lease payments for Ford EV customers through Ford Credit until December 31 [4]. Group 2: Market Impact and Predictions - Industry experts predict a significant drop in EV sales and leasing following the tax credit's expiration, as there has been a surge in EV purchases in recent months from consumers trying to take advantage of the subsidy before the deadline [5]. - The expiration of the tax credit was set by a tax bill signed by U.S. President Donald Trump, which established September 30 as the cutoff date for the subsidy [5]. - It remains uncertain whether other automakers are pursuing similar strategies to extend the benefits of the tax credit for their EV sales [5][6].