EV sales soar as Trump axes $7,500 tax credit: ‘People are rushing out’ to buy, analyst says

## EV Sales Surge Ahead of Tax Credit Deadline

Consumers are rushing to purchase electric vehicles (EVs) before the end of September, driven by the impending expiration of federal tax credits. This surge in demand is creating record sales figures and reshaping the automotive market. Here’s a breakdown of the key takeaways:

• Tax Credit Deadline: The $7,500 federal tax credit for new EVs and $4,000 for used EVs is set to expire on September 30th.
• Record Sales: July saw the second-highest monthly EV sales on record, 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.
• Market Share: EVs accounted for 9.1% of total passenger vehicle sales in July, the largest monthly share on record.
• Model-Specific Success: Certain EV models, such as the Chevy Equinox EV, Honda Prologue, and Hyundai IONIQ 5, experienced record-breaking sales.
• Price Parity: The tax credits help close the price gap between EVs and gasoline-powered cars, making EVs more financially attractive.
• Dealer Incentives: Dealers are offering generous financial incentives to boost sales before the deadline.
• Future Outlook: Analysts predict a potential sales “collapse” in Q4 2025 after the tax credit expires. The used EV market is expected to grow.

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