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 a key tax credit expires on September 30th, leading to record sales figures. Here’s a breakdown of the current EV market trends:

• Sales Surge: July saw the second-highest monthly EV sales on record, with nearly 130,100 new EVs sold, a 26.4% increase from June and a nearly 20% increase year-over-year.
• Market Share: EVs accounted for about 9.1% of total passenger vehicle sales in July, the largest monthly share on record.
• Used EV Boom: Used EV sales also hit a record high in July, with nearly 36,700 units sold.
• Model-Specific Success: Specific EV models like the Chevy Equinox EV, Honda Prologue, and Hyundai IONIQ 5 saw record-breaking sales.
• Tax Credit Impact: The expiring tax credits, worth up to $7,500 for new EVs and $4,000 for used EVs, are a major driver of the current sales surge.
• Price Considerations: While EVs are generally cheaper over their lifecycle, their higher upfront cost is a barrier. The tax credit helps close the price gap.
• Dealer Incentives: Dealers are offering generous incentives to boost sales before the deadline, including additional financial benefits.
• Future Outlook: Analysts predict a potential “collapse” in EV sales in Q4 2025 after the tax credit expires. Used EVs are expected to remain a bright spot.

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