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:

• Sales Boom: July saw record-breaking EV sales, with nearly 130,100 new EVs sold, a 26.4% increase from June and a nearly 20% increase year-over-year. Used EV sales also hit a record high.
• Tax Credit Deadline: The federal tax credits, worth up to $7,500 for new EVs and $4,000 for used EVs, are set to disappear after September 30th. This is driving the current sales frenzy.
• Price Parity Concerns: Analysts warn that the loss of tax credits could jeopardize the price competitiveness of EVs, as the upfront cost is generally higher than gasoline-powered cars.
• Dealer Incentives: Dealers are offering generous financial incentives to boost sales before the deadline, including additional discounts and promotions.
• Model-Specific Success: Certain EV models, like the Chevy Equinox EV, Honda Prologue, and Hyundai IONIQ 5, are experiencing record sales.
• Future Outlook: Experts predict a potential sales “collapse” in the fourth quarter of 2025 after the tax credit expires, but the used EV market may continue to grow.

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