Ford CEO Jim Farley believes the new federal tax credits for electric vehicles created by the Inflation Reduction Act should have a “wide range of positive impacts” for the automaker, especially for its commercial vehicle division.
According to Farley, the addition of the commercial tax credit could increase demand from business owners who have been undecided about the switch to EVs. However, he also sees an inconvenience in that the upcoming credit may affect sales through November and December 2022 as a lot of customers “are going to wait until next year to order a Lightning Pro or an E-Transit.”
As for its electric passenger vehicles, Farley says the F-150 Lightning and Mustang Mach-E are currently eligible for a tax credit, but eligibility requirements change next year when new battery sourcing rules and other restrictions take effect.
