Some automakers are working accounting magic to extend the EV tax credit beyond today’s deadline
The $7,500 EV tax credit is set to expire after today, September 30. Logically, electric vehicle sales are expected to fall off afterward.
But some automakers, including Ford, GM, and luxury EV maker Lucid, have found ways to effectively extend the credit for some customers.
According to reporting by Reuters, Ford and GM have initiated plans to dealers that would have the automakers themselves put down payments on EVs currently in inventory at dealerships. Those down payments would qualify for the expiring tax credit, and dealers would be able to extend the subsidy to future customers through discounted lease rates.
Reuters reports that the programs were launched following discussions between the automakers and the IRS.
In August, Lucid announced that the company would honor the $7,500 tax credit through the end of the year for lessees who order its Gravity SUV by Tuesday at 11:59 p.m. ET.
According to reporting by Reuters, Ford and GM have initiated plans to dealers that would have the automakers themselves put down payments on EVs currently in inventory at dealerships. Those down payments would qualify for the expiring tax credit, and dealers would be able to extend the subsidy to future customers through discounted lease rates.
Reuters reports that the programs were launched following discussions between the automakers and the IRS.
In August, Lucid announced that the company would honor the $7,500 tax credit through the end of the year for lessees who order its Gravity SUV by Tuesday at 11:59 p.m. ET.
