Ford Motor Co. has stopped letting prospects in most states purchase their electrical autos on the finish of the lease, a coverage it says will assist handle electrical car battery recycling.
The rule applies to leases that started on or after June 15 in 38 states. Ford plans to replace lease agreements within the remaining 12 states to mirror the coverage earlier than the top of the yr.
In a press release, Ford Credit score mentioned prospects who lease an F-150 Lightning, Mustang Mach-E or E-Transit should return the car when the lease ends and may then renew their lease with a brand new car in the event that they select.
“Ford needs to make electrical autos extra sustainable, decrease the price of batteries and finally assist make electrical autos accessible and inexpensive to extra People,” a Ford Credit score spokeswoman mentioned in a press release. “Ford’s battery technique consists of recycling and localization of battery manufacturing, and Ford Credit score’s plan for electrical car leasing permits prospects to exchange their autos with the most recent mannequin on the finish of the lease, protecting the car within the Ford community longer in order that Ford can higher handle recycling and battery supplies. “
CarsDirect first reported the coverage change.
The automaker has lately taken steps to bolster its provide of batteries, which CEO Jim Farley says is crucial to its future success. Ford goals to construct 600,000 EVs worldwide by the top of 2023 and a pair of million by 2026.
“The issue is the batteries,” Farley instructed CNBC late final yr. “That is what we now have to determine.”
Final yr, Ford struck a take care of battery recycling firm Redwood Supplies to eliminate waste and finally reuse electrical car parts. The automaker in April signed a preliminary settlement to purchase lithium from a Lake Sources facility in Argentina.
“Ford is working very exhausting proper now on the correct offers to safe full battery capability and fill it with uncooked materials,” Farley mentioned in February.