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Ford CEO Jim Farley In Favor Of Expanded EV Incentives For U.S. Buyers

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For some time now, President Joe Biden has been trying to push his Build Back Better bill through Congress, a piece of legislature that aims to invest a substantial amount of money in infrastructure, including rolling out a round of new EV incentives to replace the long-running $7,500 federal tax credit. While BBB doesn’t look likely to pass the Senate at this time, Ford CEO Jim Farley and a handful of other executives are currently at the White House discussing a variety of BBB-related topics, including its proposed EV incentives, which Farley calls “mission-critical for the EV industry,” according to Yahoo Finance.

“If we don’t get our act together, we’ll be behind as a country,” Farley said. “It’s not just about helping consumers make this transition. All the battery production, all the jobs, the raw material development in our country, all the intellectual property. We were the number one employer in the United States in the auto sector. We want these American jobs, these innovative technology jobs to come to America. This bill and the incentives for consumers will absolutely be the key thing to help us do that. We need to be competitive as a country.”

Biden’s proposal in the BBB bill aims to increase the current EV tax credit from $7,500 to as much as $12,500 for union-built electric vehicles, while also introducing a $4,000 credit for used EVs and make companies like Tesla and GM – which have surpassed the current 200,000 EVs sold cap for the existing tax credit – eligible once again. BBB also calls for a 30 percent commercial EV credit and $3.5 billion to convert existing facilities for the production of EVs. While BBB passed the U.S. House of Representatives last year, it died in the Senate amid concerns over its high cost and potential to drive inflation even higher.

Meanwhile, Farley and Ford aren’t resting on any laurels when it comes to investing heavily in EVs and battery production. On the heels of selling a record number of electrified vehicles last month, Farley – who was recently recognized as MotorTrend‘s Person of the Year and landed on the Bloomberg 50 list – announced that Ford plans to double its annual EV production by 2024, while also scaling Ford Mustang Mach-E production up to 200,000 units per year by 2023 and boosting Ford F-150 Lightning production to 150,000 units per year by 2025.

We’ll have more on these proposed EV incentives soon, so be sure and subscribe to Ford Authority for 24/7 Ford news coverage.

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Brett's lost track of all the Fords he's owned over the years and how much he's spent modifying them, but his current money pits include an S550 Mustang and 13th gen F-150.

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Comments

  1. Thurston Munn

    Of course he and other corporate execs are in favor of it. They know they will need to bribe people to buy these things (EV’s). Makes it easy to support when it’s other peoples (taxpayers) money.

    Reply
    1. Stephen Ketterer

      100 percent correct!!

      Reply
    2. Ford Owner

      Oil subsudies are bribes for gas cars, so cut out both and let the open market decide the real prices. Electrics will win.

      Reply
    3. NCEcoBoost

      The US needs higher EV incentives in order to get potential customers to even look at them and most won’t buy one outside of that idiotic state, California. Also, perhaps more important, higher EV incentives mean that Farley keeps his job. Maybe.

      Reply
    4. Dee Hart

      I would be very interested in knowing what the life expectancy is of the E.V. batteries, how long the warranty on the batteries is, and how much it costs to replace them.

      I just watched a guy (on video) blow his Tesla into a million tiny pieces with explosives after Tesla told him it would cost over $20,000 to replace the batteries.

      Reply
      1. Tigger

        Just think of resale value for these EVs with an old battery. You would not be able to give them away.

        Reply
  2. Joe

    Handing out money the government does not have is not a wise move. Why should taxpayers subsidize people who have higher incomes that can afford the EV, while most can’t? Four percent of US sales are EV. The average EV buyer has a household income of over 100K. The median household income is about 67k. In a free market EV should be sold based on their own merits and not with bribes from the government.

    Reply
  3. Greggt

    I was going to comment but everyone else has covered my thoughts exactly! I don’t want my tax money going to people much more well off than most of us to further this cause!

    Reply
    1. imanjunk1963

      Neither do I when it comes to oil that has been a pig for what now 100 years not to mention the military costs to keep the lanes open. And if you bought the model T back in the day it would all be in its infancy too. People need to get over it and move out of the way…yes the incentives should NOT be there for ever but tell me what has not stayed. Don’t forget those 1 trillion give aways in the last admin adding what now trillions to the debt. Oh how easy we forget. But if I must choose where the tax dollars go I choose the new future like it or not because the rest of the world is going like it or not and we will be dead by that time we are left behind. Its a blancing act of mix to transition over some time. Oil is not going away anytime soon but it must start and use it for other things that will be ongoing…can we say plastics?

      Reply
  4. Montana Man

    I’m wondering if you same whiners got all umbragey when Congress and Former Guy gave away your tax money to millionaires/billionaires so their own taxes could disappear. Or billions in tax credits to Exxon-Mobil so they could buy back their stock. Or the trillion dollars of our tax money handed out to big businesses in 2020 with—-as specifically stated by Former Guy—-“no oversight”, which they then used to buy private jets (you listening, Joel Osteen?). Lots of examples. Too many examples. Greed and corruption ruled those people.
    I’m fine with common, everyday patriots getting the benefit of tax incentives to buy electric vehicles. EVs are the future of personal automobiles. I have every intention of buying one at the point my 2011 F-150 needs a pleasant retirement.
    But your sky ain’t falling just yet, Chickens Little; our fossil fueled vehicles will live to see another day. Your arguments against electric vehicles, however, are on life support.

    Reply
    1. Fake News Alert

      Fact check–80% of earners received a tax cut, and the Treasury reported record receipts 3 straight years. Your misinformation is both laughable and ridiculous.

      Reply
      1. Montana Man

        Heh…..the irony of your name here and the undocumented alternate facts you people spew forth. But hey, you’re squishy-soft on reality and entertaining as all get out. My father fought in both WWII and Korea so the Constitution protected unAmerican falsehoods by the lying liars who tell them.
        But we were discussing vehicles…..now THERE’S a subject for you to stick to his possible).

        Reply
        1. Tigger

          If you don’t want politics brought into this forum, don’t keep introducing it.

          Reply
          1. Everyday Patriot

            Look in the mirror and say that three times, very slowly.

            Heh…..

            Reply
    2. Dee Hart

      I would be very interested in knowing what the life expectancy is of the E.V. batteries, how long the warranty on the batteries is, and how much it costs to replace them.

      I just watched a guy (on video) blow his Tesla into a million tiny pieces with explosives after Tesla told him it would cost over $20,000 to replace the batteries. ..

      Reply
  5. Tigger

    If I told people once I told them a hundred times….. common sense is not allowed.

    Reply
    1. Dee Hart

      awww, poop! (was thinking of another word)

      Reply
  6. Ford Owner

    The Feds cabn get that money from oil subsudies, so the oil producers have to cut profits and price their oil products in the open market, just like everything else. Gas prices will drop, too, so both gas and electric cars will win more sales. That is how other countries do it.

    Reply
  7. fjdietz

    Ford/Lincoln apparently weren’t interested in rebates for their PHEVs in New York State because the 2021 and 2022 Lincoln Corsair GT (PHEV) vehicles are not on the list of vehicles eligible for the NYSERDA’s “Drive Clean Vehicle” program $500 rebate. Ford/Lincoln senior management need to do something about this because NY State won’t add the Corsair PHEV on their own. I note that all of the foreign manufacturers got all of their PHEVs onto the list. The Corsair GT which is made in Louisville Kentucky (USA) is not!

    Reply
  8. Joe B.

    @ Farley and Ford, I don’t need any help making any transition.

    Reply

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