GM Ends EV Credit Lease Scheme, Joins Stellantis With Cash Incentive
General Motors has abandoned plans to join Ford in extending the expired $7,500 federal EV tax credit through its captive lease program and will instead offer $6,000 in “lease support” cash, according to Bloomberg’s David Welch.
A factory spokesman did not give Welch a reason for the move but did say the offer was good through Oct. 31. GM’s lease program extension was intended to run through the end of the year.
“GM’s move shows how automakers are coping with rapid reversals in policy under President Donald Trump,” Welch writes. “The administration ended Biden-era EV tax credits and has watered down penalties for selling vehicles with low fuel economy and high emissions, enticing automakers to sell more profitable gasoline-powered vehicles and make fewer EVs.”
Prior to Welch’s report, Michael Bettenhausen, chairman of the Stellantis National Dealer Council, told Automotive News’s Vince Bond Jr. the manufacturer will offer an unspecified bonus cash incentive intended to replace the credit for new EV buyers and lessees.
