Ford Said To Follow GM In Scrapping EV Lease Credit Plan — Retail Traders Bet On ‘Trump Bump’ As Stock Hits 2-Week Low

Ford Motor’s stock extended its losing streak to a third session on Thursday amid heightened volatility across U.S. electric-vehicle stocks following the end of federal purchase incentives and the company’s move to withdraw its $7,500 EV lease tax-credit program.

The stock fell 2% to close at $11.50 on Thursday, hitting its lowest level in more than two weeks, before edging up 0.2% in after-hours trading.

A spokesperson said Ford “will not claim the EV tax credit but will maintain the competitive lease payments we have in the market today.” The announcement came after General Motors scrapped a similar plan a day earlier, following concerns reportedly raised by Republican Senator Bernie Moreno of Ohio, a former car dealer active in auto policy. It remains unclear why Ford also canceled its program, according to a Reuters report.

Both automakers had developed strategies to have their in-house finance arms, Ford Credit and GM Financial, purchase EVs from dealer inventories, claim the federal credit, and pass those savings into lease terms to soften the impact of the subsidy’s Sept. 30 expiration. Ford Credit continues to offer 0% financing for 72 months and other purchase incentives.

The program reversals come as the U.S. auto market adjusts to a sharp demand shift triggered by the end of the tax credit. Tesla, which saw a 33% rally in September and a record 497,000 deliveries last quarter, benefited from a short-term surge in purchases as buyers rushed to secure incentives before the deadline. 

Analysts, including Deepwater Asset Management’s Gene Munster and Future Fund’s Gary Black, said Tesla’s September spike largely reflected “pull-forward” demand that could weigh on fourth-quarter sales across the EV industry.

Ford CEO Jim Farley has previously cautioned that the expiration of federal incentives could dent EV momentum, even as rivals like Hyundai and Stellantis seek to bridge the gap with direct cash discounts.

One user expressed confidence that positive developments could be on the horizon, as the automaker would eventually secure contracts across numerous global markets. 

Another user highlighted near-term catalysts, noting the stock could gain ahead of earnings, benefit from potential policy measures under U.S. President Donald Trump to support U.S. automakers, and recover once the company clarifies the limited impact of the reported aluminum fire during its upcoming conference call.

On Stocktwits, retail sentiment for Ford was ‘bullish’ amid ‘high’ message volume.

Ford’s stock has risen 23% so far in 2025, while GM has climbed 6% over the same period.

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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