Ford and GM Unveil Plan to Extend $7,500 EV Lease Tax Credit

According to dealers and documents, General MotorsRacing to sign contracts with car dealers, they are participating in a program that will effectively extend the use of the $7,500 electric vehicle leasing tax credit after the federal subsidy expires on Tuesday. According to dealers, in recent days, both companies have launched plans to their dealers. Under these plans, the financing arms of the two automakers will initiate the purchase of electric vehicles from dealer inventories by paying the down payment. These plans have not been previously reported. According to the documents and the dealers, these down payments will qualify the lending institutions for a $7,500 federal tax credit. After that, the dealers will provide several months of car leasing services to retail customers as usual, incorporating the $7,500 subsidy into the lease rates. These plans aim to mitigate the impact of the expiration of the tax credit policy. This policy has been in place for over 15 years and is designed to encourage the adoption of electric vehicles. General Motors responded on Monday: "We andGeneral Motors"Dealer cooperation has extended the tax credit benefits for customers leasing electric vehicles." The spokesperson did not immediately comment.