Ford and GM extend $7,500 EV tax credit through dealer programs. Ford CEO Jim Farley warns U.S. EV sales could drop sharply after tax credit ends. Automakers achieve record Q3 sales despite uncertainty over EVs and thousands of units remaining unsold. The programs use the automakers’ financing arms to make down payments on EVs in dealer inventories, allowing the vehicles to qualify for the tax credit. Read MoreAutomakers post record Q3 despite EV uncertaintyU.S. automakers are adjusting their strategies following the expiration of the federal tax credit this week, which has left dealers with approximately 134,000 unsold EVs across the country.