Ford Motor Co. expects only one electric vehicle currently in its lineup, the F-150 Lightning pickup, to qualify for a full tax credit under a new law designed to spur adoption of battery-powered models.
Buyers of the F-150 Lightning and an upcoming electric SUV will be eligible for $7,500 worth of tax credits, with several other models qualifying for half that amount, the automaker said.
That will help defray the cost of EVs, which tend to cost more than gasoline-powered vehicles. But two of the three all-electric models Ford sells — the Mustang Mach-E crossover and E-Transit van — will be eligible for only a partial credit.
“As we scale our production to build more EVs for more customers, we believe this new incentive eligibility will help even more Americans join the EV revolution,” Marin Gjaja, chief customer officer, said in a statement.
Ford’s guidance comes after the federal government last month finalized criteria for the EV credits, which kick in on April 18. They are part of the Inflation Reduction Act that President Biden signed into law last year and which his administration sees as a key plank in its policy to help the auto industry transition to an all-electric future.
But the new rules make it more difficult for many EVs currently on the market to qualify for the full tax credit.
Read more: Biden EV-Sourcing Rules Leave Few Autos Eligible for Credits
Ford said it expects the Mustang Mach-E and E-Transit models, as well as the plug-in hybrid Escape and Lincoln Corsair compact SUVs, to qualify for partial credits of $3,750. It has not specified a launch date for the electric version of its Lincoln Aviator SUV, the other model eligible for the full credit.
Source: www.autoblog.com