President Trump’s initial support of electric vehicles, specifically Tesla, quickly faded as he explored options to sell or give away the red Tesla Model S he had purchased earlier. The One Big Beautiful Bill Act signed into law on July 4 signaled an end to the federal government’s EV tax credit by Sept. 30, 2025.

The federal government’s decision to end the EV tax credit dealt a blow to the growing EV market, but global forecasts show a promising future for EV adoption. Legacy automakers like Ford and General Motors have found ways to offer customers incentives similar to the expired tax credit, ensuring continued growth in the market.

Ford and GM took proactive measures to extend tax credit savings to customers before the September deadline, allowing them to continue offering price breaks on EVs. While the offers are temporary, they demonstrate the companies’ commitment to transforming their product lines to focus on electric vehicles.

Both Ford and GM are heavily invested in the transition to electric vehicles, with Ford committing $5 billion to electrify its fleet and GM planning a $4 billion investment in expanding EV production and transitioning a factory to produce only EVs. This shift reflects a long-term commitment to electric vehicle development.

Investors may see little to negative impacts in the short term from the automakers’ investments in EVs, but long-term prospects look promising. GM’s institutional ownership and position as the second largest EV manufacturer in the U.S. with significant market share growth suggest a potential edge over Ford in the EV market.

Read more at Nasdaq: Carmakers Step in With Incentives as EV Tax Credit Expires