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 what’s happening:

• Tax Credit Deadline: The federal tax credit for new EVs (up to $7,500) and used EVs (up to $4,000) is ending on September 30th. This deadline is driving a surge in EV purchases.
• Record Sales: July saw the second-highest monthly EV sales on record, with nearly 130,100 new EVs sold. This represents a significant increase from the previous month and year-over-year.
• Market Share: EVs accounted for a record 9.1% of total passenger vehicle sales in July.
• Used EV Boom: Used EV sales also hit a record high in July, with nearly 36,700 units sold.
• Model-Specific Success: Certain EV models, like the Chevy Equinox EV, Honda Prologue, and Hyundai IONIQ 5, saw record sales.
• Price Considerations: While EVs are generally cheaper over their lifespan, their higher upfront cost is a barrier. The tax credit helps bridge this gap.
• Dealer Incentives: Dealers are offering generous incentives to boost sales before the deadline.
• Future Outlook: Analysts predict a potential sales “collapse” in late 2025 after the tax credit expires, but the used EV market may continue to grow.

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