EV sales soar as Trump axes $7,500 tax credit: ‘People are rushing out’ to buy, analyst says

## EV Sales Surge Before Tax Credit Deadline

The clock is ticking for electric vehicle (EV) buyers! This article highlights the rush to purchase EVs before the September 30th deadline to claim significant tax credits. Here’s a breakdown of the key takeaways:

• Tax Credit Deadline: Consumers are racing to buy EVs before the end of September to qualify for tax credits worth up to $7,500 for new EVs and $4,000 for used EVs.
• Record Sales: July saw record-breaking EV sales, with nearly 130,100 new EVs sold, a 26.4% increase from June and a nearly 20% increase year-over-year. Used EV sales also hit a record high.
• Model Specific Sales: Specific EV models, such as the Chevy Equinox EV, Honda Prologue, and Hyundai IONIQ 5, also saw record-breaking sales last month.
• Price Parity: The tax credits help bridge the price gap between EVs and gasoline cars, making them more financially attractive.
• Dealer Incentives: Dealers are offering additional financial incentives to boost sales before the deadline.
• Future Outlook: Analysts predict a potential sales “collapse” in Q4 2025 after the tax credit expires. Used EV market is expected to grow.
• Environmental Benefits: EVs are considered better for the environment than traditional gasoline cars.

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