Ford is only the “latest automaker to increase pricing of their newest electric vehicles amid rising inflation and commodity costs,” according to CNBC.
On Aug. 9, just before President Biden signed the Inflation Reduction Act into law, Ford announced that due to inflation it will raise the prices of its electric F-150 Lightning pickups between $6,000 and $8,500 — effectively canceling out the $7,500 federal EV tax credit applicable to the vehicles under the $740 billion tax and spending measure.
According to CNBC, Ford is only the “latest automaker to increase pricing of their newest electric vehicles amid rising inflation and commodity costs,” joining General Motors, Rivian Automotive, Lucid and Tesla.
The tax credit does not apply to the purchase of electric vehicles assembled outside North America, which excludes many EVs made by manufacturers like KIA and Toyota. The new requirements took effect Aug. 16.
The tax credit would apply to EVs made by U.S.-based companies, including GM and Ford, both of which are unionized. The only exception to the new rules involves orders for EVs or plug-in hybrids that were placed prior to Aug. 16.
“Individuals who entered into a written binding contract to purchase a new qualifying electric vehicle before August 16, 2022, but do not take possession of the vehicle until on or after August 16, 2022 (for example, because the vehicle has not been delivered), can claim the EV credit based on the rules that were in effect before the Inflation Reduction Act’s enactment,” according to guidance released by the Treasury Department.
License to GOUGE given by Biden !!!!!
Well, Detroit just raised their prices by $16K then (add $8k to price and keep the Federal subsidy for themselves).
Corporate greed, the deck is stacked against the middle and lower cases. Then again, we don’t want electric vehicles
Ford managers have bet the company on trucks and SUVs, now EVs more prominently in the mix. Their quality has slipped a lot and prices are unsustainable. Crunch time around the bend….
I can’t even afford a stripped down model new car, or a decent used one either.