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EV tax credits: Here's every electric car or plug-in hybrid that qualifies

Starting on April 18, the Internal Revenue Service released new guidance for U.S. buyers shopping for a new electric or plug-in hybrid vehicle. On April 18th, the IRS showed only six fully electric vehicles on the qualified list, but a day later Volkswagen confirmed its U.S.-built ID.4 also qualifies. That means right now, seven fully electric vehicles qualify for the full $7,500 EV tax credit, with three more from Chevrolet coming for the 2024 model year (we would expect these 2024 models to roll out slowly and be difficult to find for at least the first few months they are on the market). In addition to those seven fully electric cars, two plug-in hybrids also qualify for the full $7,500 credit. To qualify, a vehicle must be assembled in North America and must meet a strict set of guidelines that cover where battery materials were sourced. If any battery materials come from certain countries (importantly including China), the vehicle's tax credit is automatically cut in half. Further, according to the IRS, the vehicle's manufacturer suggested retail price (MSRP) can't exceed $80,000 for vans, sport utility vehicles and pickup trucks or $55,000 for any other type of vehicle (basically meaning sedans). Electric vehicles that qualify for the full $7,500 EV tax credit: Cadillac Lyriq (2023-2024) Chevrolet Blazer EV (2024) Chevrolet Bolt EV (2023-2024) Chevrolet Bolt EUV (2023-2024) Chevrolet Equinox (2024) Chevrolet Silverado (2024) Ford F-150 Lightning — all models (2022-2023) Tesla Model 3 Performance (2022-2023) Tesla Model Y — all models (2022-2023) Volkswagen ID.4 — U.S.-built models (2022-2023) Plug-in hybrid cars that qualify for the full $7,500 EV tax credit: Chrysler Pacifica PHEV (2022-2023) Lincoln Aviator Grand Touring (2022-2023) A smaller credit is offered on fully electric cars and plug-in hybrids that are assembled in North America but have batteries with materials sourced from unqualified countries (mostly China).

Ford 2Q profit drops 86% as it restructures overseas

DEARBORN, Mich. (AP) — Ford's net profit tumbled 86% in the second quarter due largely to restructuring costs in Europe and South America. Net income for the April-through-June period dropped to $148 million, or 4 cents per share. Without the charges the company made 28 cents per share. Revenue was flat at $38.9 billion. On average, analysts surveyed by FactSet expected earnings 31 cents per share on revenue of $38.49 billion. Chief Financial Officer Tim Stone says the company had charges of $1.2 billion as it moved to close factories in Europe and South America. He says Ford already is seeing an impact from its global fitness measures that included a reduction of 7,000 white-collar workers. Ford, which released numbers after the markets closed Wednesday, says its results include a $181 million valuation loss on an investment in a software company, trimming 4 cents off adjusted earnings per share. Its stock fell 6.3% in after-hours trading to $9.68. Stone said Ford is in the early stages of its restructuring, but already is seeing improvement in some regions. Free cash flow also improved by 80% to $2.1 billion in the first half of the year, he said. "We're already starting to see some early benefits," he said. "A lot of work to do." The company expects improvement in the second half of the year as more new big SUVs hit dealerships and more of the restructuring takes hold. Ford on Wednesday forecast pretax adjusted earnings of $7 billion to $7.5 billion for all of 2019, compared with $7 billion last year. The company previously had only said that pretax earnings would improve. Full-year adjusted earnings per share are forecast to be $1.20 to $1.35, up from $1.30 in 2018. Previously it did not give per-share guidance. Ford's U.S. sales fell nearly 5% in the second quarter, according to the Edmunds.com auto pricing site, as the company exited most of its passenger car business. But Stone said sales of the new Ford Ranger small pickup offset much of that as its share of the small truck segment rose 14%. Edmunds, which provides content for The Associated Press, said Ford's average vehicle sale price rose 2.8% to $41,328 during the quarter. In North America, Ford's biggest profit center, pretax earnings fell 3% to just under $1.7 billion, which the company blamed on switching its Chicago factory to build new versions of midsize SUVs.

Lincoln MKC recalled because start button located too close to touchscreen [UPDATE]

UPDATE: Ford spokesperson Kelli Felker responded to our questions and let us know that the fix for the push-button start on the 2015 MKC has the switch moved to the top of the of the column of gear shift buttons instead of the bottom. Owners should be notified about both campaigns "toward the end of February." After massive campaigns from General Motors and to fix Takata airbag inflators, 2014 will undoubtedly go down as The Year Of The Recall. And with little time to spare, Ford is getting in just under the wire to adding two more to its yearly total. The larger of the campaigns is actually one of the most bizarre campaigns we've heard of all year. Lincoln is recalling 13,574 units of its 2015 MKC compact crossover in North America to move the location of the push-button ignition switch on the dashboard. According to the automaker's announcement: "Due to the switch's close proximity to other controls, occupants are inadvertently shutting off the engine while driving." The button is located near the bottom of the touchscreen, which can apparently make it possible to hit by mistake. Back when Autoblog first drove the new MKC in June, we came away very impressed, but noted: "... we're still not completely sold on the aforementioned pushbutton transmission selector ... it still seems somewhat gimmicky and it can't be operated by feel alone, as you might when shifting a traditional console-mounted lever from Park to Drive." According to Lincoln, there have been no reported accidents or injuries stemming from this button misapplication. Of the affected vehicles, there are 11,144 in the US, 2,033 in Canada and 397 in Mexico. To fix the problem, dealers are moving the button to a different location and reprogramming the powertrain control module. According to Automotive News, models built since September already have a different layout. The change was reportedly done to match the rest of the Lincoln lineup. The second recall covers 12,205 units of the 2014 Ford Escape (2015 model year pictured below) and 2015 Lincoln MKC in North America because of a problem with nickel plating on the fuel pump. The issue can cause the pump to seize, which can cause the crossovers not to start or stall while driving. The automaker is not aware of any accidents or injuries related to this fault. Dealers are replacing the fuel deliver module to fix the situation. Of the affected vehicles, there are 9,038 in the US, 3,074 in Canada and 93 in Mexico.