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 purchase electric vehicles (EVs) before a key tax credit expires on September 30th. This surge in demand is driven by the impending loss of federal tax incentives, potentially impacting the EV market’s future. Here’s a breakdown of the current situation:

• **Record-Breaking Sales:** July saw the second-highest monthly EV sales on record, with nearly 130,100 new EVs sold. 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 Concerns:** Analysts worry about the impact of the tax credit’s expiration on price competitiveness. The average price of a new EV is higher than gasoline cars, but the tax credit helps close the gap.
• **Dealer Incentives:** Dealers are offering additional financial incentives to boost sales before the deadline.
• **Model-Specific Success:** Certain EV models, like the Chevy Equinox EV, Honda Prologue, and Hyundai IONIQ 5, saw record sales in July.
• **Future Outlook:** Experts predict a potential sales “collapse” in Q4 2025 after the tax credit expires. Used EVs may become more popular.

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