"It's the first of October, which means the electric-vehicle tax credit is officially dead, having passed away in the wee hours of the morning. Speaking of morning, we, and more than a few auto companies, are mourning its death. It's no secret that the EV tax credit was a boon to the industry. That $7,500 credit helped a lot of buyers afford EVs, whether it was via a purchase incentive done right at the point of sale or placed into a lease."
"For a long time, U.S.-market EVs tended to be heavily reliant on Tesla for a lot of reasons; the cars themselves were kind of the only game in town that was worth a damn to the average consumer. Range, price and general usability hit all of the sweet spots with consumers, especially with the (relatively) reasonably priced Model 3 and Model Y."
The federal electric-vehicle tax credit expired on October 1. The $7,500 incentive previously made many EV purchases and leases more affordable at the point of sale. The loss of that credit is already reducing buyer affordability and is expected to depress demand. Tesla led early U.S. adoption through strong range, price, and usability, amplified by the credit. Competing automakers had begun closing gaps in product and price but now face a setback. Ford's chief executive warned that the policy change could significantly shrink the EV market and alter automakers' production and marketing strategies.
Read at insideevs.com
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