After GM, Ford Pulls Back EV Incentive Extension Beyond Trump's September 30 Deadline Amid GOP Concerns: Report

Ford Motor Co. (NYSE:F) has reportedly rolled back the EV incentives it planned to offer beyond President Donald Trump's September 30 deadline, following rival General Motors Co. (NYSE:GM), which reportedly scaled back on the incentives after concerns expressed by Sen. Bernie Moreno (R-OH), a former car dealer currently active in auto policy.

Check out the current price of F here.

Ford Says ‘Will Not Claim' Tax Credit

"Ford will not claim the EV tax credit but will maintain the competitive lease payments we have in the market today," a spokesperson for the automaker said in a report by Reuters on Thursday. The company will instead continue to offer 0% financing for 72 months and other incentives, the spokesperson added.

Ford did not immediately respond to Benzinga's request for comment.

Ford and GM planned to continue with the incentives by making a down payment to dealers on inventory before the deadline through its respective financing arms, qualifying the units for the EV credit, which would then be passed on to the customer. The automakers took the decision following conversations with the IRS, the report said.

Other Automakers Offering Incentives

The news comes as other automakers in the U.S. like Stellantis NV (NYSE:STLA) as well as Hyundai Motor Co. (OTC:HYMLF) continue to offer benefits on EVs beyond the deadline in the form of cash discounts. The South Korean automaker slashed the price of its Ioniq 5 EV and is offering other incentives on the vehicle.

Former Tesla Exec Says EVs Can Grow Without Incentives, Ford Office Mandate

Meanwhile, Jon McNeill, a former Tesla Inc. (NASDAQ:TSLA) executive said that the EV sector in the U.S. can grow even without Federal incentives. "We’re probably ready to have a market that can grow without subsidies," McNeill said in an appearance.

Elsewhere, Ford was in the news for sending automated emails to employees urging them to comply with the ‘Return to Office' mandate currently in effect at the automaker or face termination. However, some employees reported receiving the email even while having pre-approved work-from-home arrangements or complying with the mandate.

The automaker was also offering loans with low interest rates to customers with a subprime credit rating (FICO scores below 620) on the company's best-selling F-150 pickup truck. "We wanted to provide the opportunity to those with credit ratings that may not be perfect the opportunity to have the best rates available," a Ford spokesperson said of the offer.

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