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 dives into the recent 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 Rush: The impending deadline to claim tax credits (up to $7,500 for new EVs and $4,000 for used EVs) is driving demand.
• Price Parity: The tax credits help bridge the price gap between EVs and gasoline cars, making them more financially attractive.
• Dealer Incentives: Dealers are also offering generous incentives to boost sales before the deadline.
• Model-Specific Success: Specific EV models like the Chevy Equinox EV, Honda Prologue, and Hyundai IONIQ 5 saw record-breaking sales.
• 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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