Michigan-based automakers Ford Motor Co. (NYSE:F) and General Motors Co. (NYSE:GM) are reportedly working on dedicated programs that could extend the IRA EV credit beyond President Donald Trump's September 30 deadline.
An Unofficial Federal EV Credit Extension?
According to internal documents, as well as sources, obtained by Reuters on Monday, the companies' financing arms are initiating purchases of EVs by paying dealers a down payment, qualifying these lenders for the EV credit. This would let retailers offer customers leases on vehicles with the EV credit factored in.
Ford and General Motors did not immediately respond to Benzinga's request for comment.
In a statement issued by Ford cited in the report, the company said it would provide the incentives to customers until the end of the year, while GM said that it worked with its dealers to provide the EV incentives to customers. Both companies reportedly took this step after extended discussions with the Internal Revenue Service (IRS).
Gavin Newsom Slams GM
The news comes as California Governor Gavin Newsom had recently slammed GM for opposing the state's EV push, with Newsom also saying that GM CEO Mary Barra "sold us out." Newsom also confirmed that the state wouldn't be offering the proposed bespoke incentives on EVs via "backfill."
Honda Pulls The Plug
Meanwhile, Honda Motor Co. Ltd. (NYSE:HMC) announced it was pulling the plug on the Acura ZDX EV, developed in collaboration with GM and manufactured at the Spring Hill, Tennessee, plant owned by GM. The Japanese automaker said that the decision was made in light of slowed EV demand.
"Honda’s decision isn’t a reflection on the capabilities of the Spring Hill workforce or GM’s commitment to Spring Hill," a spokesperson for the Japanese automaker said in a statement.
Ford's F-150 Credit Offering
Elsewhere, Ford is offering customers with below-average credit, i.e., FICO scores below 620, with low-interest loans on the popular F-150 pickup truck through September as it looks towards offsetting some of the impact it absorbed due to Trump's auto tariffs.
"We wanted to provide the opportunity to those with credit ratings that may not be perfect the opportunity to have the best rates available," a Ford spokesperson said.
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