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

Consumers are rushing to buy electric vehicles (EVs) before the end of September to take advantage of federal tax credits. This article explores the surge in EV sales and the potential impact of the expiring tax breaks.

• **Sales Boom:** 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.
• **Tax Credit Deadline:** The tax credits, worth up to $7,500 for new EVs and $4,000 for used EVs, are set to expire on September 30th. Consumers must take ownership of the car by this date to qualify.
• **Price Parity:** The tax credits help bridge the price gap between EVs and gasoline cars. Without them, EVs become less price-competitive.
• **Dealer Incentives:** Dealers are offering additional financial incentives to boost sales before the deadline.
• **Model-Specific Success:** Specific EV models, such as the Chevy Equinox EV, Honda Prologue, and Hyundai IONIQ 5, saw record sales.
• **Future Outlook:** Analysts predict a potential sales “collapse” in Q4 2025 after the tax credit expires. The used EV market may see growth in the near term.

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