"EV Tax Credits Slashed, Impacting Ford Mustang Mach-E, Tesla Model 3, and More"

Ford expects that its electric Mustang Mach-E will no longer qualify for the federal EV tax credit starting from January 1, 2023, due to changes in the Inflation Reduction Act. The changes will impose more restrictions on EVs, particularly those with battery components from foreign entities of concern, such as China. Ford anticipates that the Mach-E will be impacted by these changes, likely due to its CATL-supplied LFP batteries. However, qualified customers can still avail of a $3,750 credit if they purchase the Mach-E before the end of the year. The Ford F-150 Lightning, on the other hand, is not expected to be affected by the changes and continues to qualify for up to $7,500 in savings, except for the Platinum version.