Ford CEO Jim Farley expects US EV demand to drop sharply after federal tax incentives end this week.

He warned EV market share could fall from 10% to 12% this month to around 5% next month without the US$7,500 credit.

The incentive ended under the “One Big Beautiful Bill Act,” which removed the previous credit but kept some benefits for US-made vehicles.

Farley said EVs are appealing but many buyers see them as too expensive, with some models over US$75,000.

Analysts say sales surged before the incentive expired, and automakers will need to adjust production and battery plant plans.

🔗 Source: CNBC