Ford and GM Capitalize on EV Tax Credit Deadline, Boosting Q3 Sales

Ford and General Motors saw a surge in electric vehicle sales as the U.S. federal tax credit for EV purchases expired on September 30. Buyers rushed to secure the $7,500 incentive, clearing inventory for automakers who feared an October glut.

Ford's EV sales jumped 30% year-over-year to 30,612 units, a third-quarter record. The automaker's overall U.S. light vehicle sales ROSE 8.5%, with hybrid models also hitting a Q3 high of 55,177 vehicles. Notably, hybrids now account for roughly a third of all F-150 sales.

Both automakers implemented creative programs to effectively extend the tax credit benefits beyond the deadline. The sales boost comes as the industry grapples with slower-than-expected adoption of fully electric trucks, hampered by heavy battery costs.