Ford Escape Hybrid Qualifies for IRS Tax Deduction
Ford Motor Co.'s Escape sport-utility vehicle is the first hybrid built by a U.S. automaker to qualify for a $2,000 tax deduction that encourages sales of low-pollution vehicles.
Buyers of new 2005 gasoline-electric Escapes can claim the income tax deduction for the year in which the vehicle is first used, the Internal Revenue Service said this week. Toyota Motor Corp.'s Prius hybrid car and Honda Motor Co.'s gasoline-electric Civic and Insight cars have qualified since 2002.
The Washington-based agency in 2002 expanded the deduction to hybrids from electric vehicles. Governments have been pushing automakers to boost fuel efficiency and reduce pollution emissions. General Motors Corp. and DaimlerChrysler AG said Monday that they planned to jointly develop a gasoline-electric power system.
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Third quarter losses and fierce competition for American car and truck buyers, prompted the automaker to launch a corporate-wide campaign last month to reposition Ford Motor as a leader in innovation and cutting-edge energy policies.
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