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 a significant surge in EV sales as consumers rush to take advantage of federal tax credits before they expire on September 30th. Here’s a breakdown of the key takeaways:

• Deadline Driven Demand: Auto analysts predict record EV sales in the third quarter of the year due to the impending tax credit expiration.
• Record-Breaking Sales: July saw the second-highest monthly sales of new EVs, with a 26.4% increase from June and a nearly 20% increase year-over-year. Used EV sales also hit a record high.
• Tax Credit Impact: The tax credits, worth up to $7,500 for new EVs and $4,000 for used EVs, have been a major incentive for consumers.
• Model-Specific Success: Specific EV models like the Chevy Equinox EV, Honda Prologue, and Hyundai IONIQ 5 saw record-breaking sales.
• Price Parity Concerns: While EVs are often cheaper over their lifespan, their higher upfront cost is a barrier. The tax credits help bridge the price gap, and their removal could jeopardize price competitiveness.
• Dealer Incentives: Dealers are offering generous financial incentives to boost sales before the deadline.
• Future Outlook: Analysts predict a potential sales “collapse” in the fourth quarter of 2025 after the tax credit expires, but the used EV market may grow faster in the quarters ahead.

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