Ford EV Sales Surge as $7,500 Tax Credit Deadline Looms
DETROIT – Ford’s electric vehicle sales are experiencing a notable jump as consumers rush to take advantage of the current $7,500 federal tax credit before it possibly changes at the end of September. The surge comes as predicted by industry analysts who anticipated a buying frenzy ahead of the incentive’s possible alteration.
Industry expert Jessica Caldwell of Edmunds anticipates a “whipsaw” in the other direction as EV sales evaporate in the fourth quarter, similar to a prediction made by Cox Automotive’s Karl Drury. “Its a predictable pattern, one we see whenever large purchase incentives are removed from the marketplace,” Caldwell said.
Consumers looking to purchase an EV can expect to find deals as dealership inventory diminishes. “Dealers are very aware of this pattern, and those with EV stock will offer increasingly desirable pricing and financing as the end of September draws near,” Caldwell explained. “Having a large supply of unsold EVs on their lot on Oct. 1 is a position dealerships will actively avoid.”
beyond EVs, Ford reported overall positive sales trends in August. SUV sales increased 6.2% to 81,539 units, while pickup truck sales rose 2.4% to 105,432. Traditional passenger car sales saw a modest 2.2% increase, reaching 3,235 units sold.
Several Ford models experienced notable sales gains.The Bronco saw a 32% increase to 13,378 vehicles sold, the Explorer soared 22% to 20,617 units, and the Maverick pickup rose 16.4% to 11,956 vehicles.
However,some models faced sales declines. Escape sales were down 10.4% to 12,290,and despite a rise in lightning sales,total F-Series sales dipped 3.4% to 68,318 units.
At Lincoln, the Navigator and corsair were the only models to report sales gains. The Corsair, which Ford will discontinue production of by year-end, sold 2,526 units, an 8.6% increase.The Navigator saw a 2.5% gain to 1,624 units sold.