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, when tax credits worth up to $7,500 disappear. Here’s a breakdown of the key takeaways:

• Sales Boom: July saw record-breaking EV sales, with both new and used EV purchases surging. New EV sales were up 26.4% from June and nearly 20% year-over-year.
• Tax Credit Impact: The impending loss of tax credits is driving this surge, as consumers race to take advantage of the incentives before they expire.
• Model-Specific Success: Specific models like the Chevy Equinox EV, Honda Prologue, and Hyundai IONIQ 5 saw record sales.
• Price Considerations: While EVs are often cheaper over their lifespan, their higher upfront cost is a barrier. The tax credit helps bridge this gap.
• Dealer Incentives: Dealers are also offering generous incentives to boost sales before the deadline.
• Future Outlook: Analysts predict a potential sales “collapse” in Q4 2025 after the tax credit expires, but the used EV market may continue to grow.

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