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Ford confirms its EVs and hybrids are eligible for IRA subsidy packages

Published 05/04/2023, 13:56
© Reuters.
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By Michael Elkins 

Ford (NYSE:F) announced Wednesday that all three of the American automaker's electric vehicles and plug-in hybrids are eligible for Inflation Reduction Act (IRA) federal tax credits in 2023. The company's Mustang Mach-E electric SUV will be eligible for a $3,750 credit, while the F-150 Lightning pickup truck will be eligible for a $7,500 credit.

Ford said in March it expects its electric vehicle business unit to lose $3 billion this year but will remain on track for a pretax margin of 8% by late 2026.

Sales of Ford's electric vehicles jumped 41% in the first quarter, data on Tuesday showed.

Shares of F are down 0.71% in pre-market trading on Wednesday.

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