Automakers Maintain EV Momentum with Extended $7,500 Discounts After Federal Credit Ends
Automakers Maintain EV Momentum with Extended $7,500 Discounts After Federal Credit Ends
Major automakers, including General Motors Co., Hyundai Motor Co., and Ford Motor Co., have swiftly announced extensions of $7,500 discounts on select electric vehicle (EV) models. This move comes immediately after the federal government’s $7,500 EV tax credit officially expired on September 30th.
The industry’s proactive step aims to preserve sales momentum following a strong third-quarter performance and to facilitate the sell-down of existing EV inventory. Companies are stepping up to bridge the gap left by the federal subsidy’s phase-out.
General Motors, Ford, and Jeep-owner Stellantis NV are making the $7,500 discount available for leased vehicles currently in transit or on dealer lots. Meanwhile, Hyundai and Stellantis are extending offers to both leased and purchased vehicles. Hyundai, specifically, is offering $7,500 in cash for the 2025 Ioniq 5 and implementing price reductions of up to $9,800 on certain trims of the 2026 model, ensuring consumers continue to benefit from significant savings.
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