Ford, GM Backtrack on Plans to Use $7,500 EV Tax Credit Loophole on Leases

Don’t miss out on our latest stories. Add PCMag as a preferred source on Google.

Ford and General Motors have reportedly backtracked on plans to utilize a loophole in the now-expired federal tax credit program to offer a $7,500 discount on EV leases.

Requirements to use the EV tax credit for new vehicles were limited to select models. But many consumers were able to extend it to more vehicles via a leasing loophole that classified these cars as a commercial purchase. The automakers…