As many are well aware by now, the federal EV tax credit ended at the conclusion of September, which – prior to that – resulted in quite the influx in demand for vehicles that qualify for the incentive. That fact, coupled with the reality that consumers can no longer score up to $7,500 off the purchase or lease of a new all-electric vehicle, would certainly seem likely to have a negative impact on EV sales, at least, in the short term, though it remains to be seen just how much. In the meantime, Ford CEO Jim Farley is taking a pretty pessimistic approach to that topic.
According to CNBC, Farley “wouldn’t be surprised” if EV sales are cut in half or more as a result of the tax credit going away, in fact. In September, it’s believed that EV market share hit a record of somewhere between 10-12 percent in the U.S., but Farley thinks that the same figure is going to plummet.
“I think it’s going to be a vibrant industry, but it’s going to be smaller, way smaller than we thought, especially with the policy change in the tailpipe emissions, plus the $7,500 consumer incentive going away,” Farley said. “We’re going to find out in a month. I wouldn’t be surprised that the EV sales in the U.S. go down to 5 percent.”
Farley was quick to point out that hybrids could help soften this blow for the time being, but also admitted that the automaker will have to go back to the proverbial drawing board in terms of ways to conjure up demand for EVs. “We’ll fill them, but it will be more stress, because we had a four-year predictable policy,” Farley said. “Now the policy changed. … We all have to make adjustments, and it’s going to be good for the country, I believe, but it will be one more stress.”
As Ford Authority reported yesterday, The Blue Oval does have a bit of a workaround to help continue to move EVs with the tax credit intact. It’s doing that by signing dealers up for new programs that aim to use Ford Credit to make a down payment on qualifying models and initiate the purchasing process in existing inventory, after which dealers can offer them as leases to customers for several more months with the incentive factored into that price.
It seems as if someone isn't happy about having to return to their office.
Though it also ranked second in terms of automakers.
The system would automatically charge an EV as needed ahead of scheduled trips.
Multimatic set a new record in that regard last month.
A new effort to keep those special machines alive.
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What a smart move retooling Louisville assembly plant to make more EVs!
Yep, brilliant. Some blame Junior, some Failure Fartley but whomever, it's beyond dumb.
Everyone that was remotely considering an EV now has one, so half? Try90%. And many will return what they bought once they discover the drawbacks of EVs that they stupidly hadn't considered.
I think it's possible you will learn to stop commenting. It's truly awful reading these unintelligent things you post daily.