Ford president supports Biden EV incentives, but says the automaker can go electric without them Biden plan would offer $12,500 tax incentive

Ford is going full steam ahead with the electrification of its fleet.

The automaker this month announced it is doubling the planned production capacity of its upcoming F-150 Lightning electric pickup and is also tripling output of the Mustang Mach-E compared to last year.

The move helped the automaker top $100 billion in market value this week, zooming past General Motors.

Ticker Security Last Change Change % F FORD MOTOR CO. 25.02 +0.00 +0.01% GM GENERAL MOTORS CO. 61.03 -0.77 -1.24%

It also comes as the EPA enacts tough new fuel efficiency standards that will require automakers to reach a fleet-wide average of about 40 mpg by 2026, which electric vehicles will help achieve.

However, efforts by the Biden administration to increase incentives on zero emissions vehicle purchases have stalled along with the Build Back Better infrastructure plan they were included in, which would have provided buyers up to a $12,500 credit on purchases.

Plug-in Fords qualify for a $7,500 federal tax credit under the current program, but the company will soon reach the 200,000 sales threshold that triggers a phase-out of its eligibility, which Tesla and General Motors have already surpassed.

Ford president Kumar Galhotra said the automaker fully supports the proposed new credits.

"I think a transition like this, in the entire industry, is a very important transition," Galhotra told The Fox Garage in an exclusive interview. "It reduces the CO2 footprint for the entire planet, and if the administration can help with those incentives, help the transition, both for the industry and the consumers, that would be very...

Tap to copy the Short Url to this post: 
All Business News on a Single Page. Join for Free →