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 the end of September to take advantage of federal tax credits. This surge in demand is driven by the impending expiration of tax breaks that significantly reduce the upfront cost of EVs.

Here’s a breakdown of the key takeaways:

• Deadline Driven Demand: The tax credits, worth up to $7,500 for new EVs and $4,000 for used EVs, are set to expire on September 30th.
• Record Sales: July saw record-breaking EV sales, with nearly 130,100 new EVs sold, the second-highest monthly total ever. Used EV sales also hit a record high.
• Model Specific Success: Specific models like the Chevy Equinox EV, Honda Prologue, and Hyundai IONIQ 5 experienced record sales.
• Price Parity Concerns: The tax credits help bridge the price gap between EVs and gasoline-powered cars. Without them, price competitiveness is jeopardized.
• Dealer Incentives: Dealers are offering additional financial incentives to boost sales before the deadline.
• Future Outlook: Analysts predict a potential sales “collapse” in Q4 2025 after the tax credit expires. Used EVs may see continued growth.

For more details, you can read the original article here: [Insert Backlink Here]