Ford CEO Jim Farley said he expects demand for electric vehicles in the United States to be slashed in half next month as federal tax incentives expire.
Speaking Tuesday at the company’s Ford Pro Accelerate event in Detroit, Farley said EV sales could fall from a record 10% to 12% market share this month to about 5% in October, following the end of the $7,500 federal credit under the Trump administration’s One Big Beautiful Bill Act. The legislation removed the old EV purchase incentives but added some perks for U.S.-assembled vehicles regardless of powertrain.
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