"Until October 1, the federal government offered a tax credit of up to $7,500 for the purchase of a qualifying new EV, and $3,000 for a qualifying used EV. In addition, there was a $7,500 incentive available for new EV leases. Those are now gone with the passage in July of the One Big Beautiful Bill Act, which sought to undo clean energy policies as part of a larger package of tax cuts and spending."
"Ford and General Motors have said they will continue to offer a $7,500 credit on leases. They can do this because their in-house finance companies purchased the vehicles while the credits were still active and the companies can pass on the savings to consumers, even after October 1. Hyundai is offering a promotion in which it is selling and leasing its 2026 Ioniq 5 with price cuts of up to $9,800, effectively providing the equivalent of the tax credit and then some."
Federal tax credits for new and used electric vehicles and for leases expired on October 1 following the July passage of the One Big Beautiful Bill Act, removing up to $7,500 for new purchases, $3,000 for used EVs, and $7,500 for leases. Sales surged before the deadline and are expected to fall in the near term. Automakers and some states are offering countermeasures: Ford and GM will maintain $7,500 lease credits through captive-finance purchases, Hyundai is discounting the 2026 Ioniq 5 by up to $9,800, and Colorado raised its state EV credit to $9,000. Several dozen new or redesigned EV models are due to arrive, which could help stabilize or revive demand.
Read at Ars Technica
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