EV Sales Plummet In October After Federal Tax Credit Ends (caranddriver.com)
- Reference: 0179957616
- News link: https://tech.slashdot.org/story/25/11/04/039212/ev-sales-plummet-in-october-after-federal-tax-credit-ends
- Source link: https://www.caranddriver.com/news/a69239779/ev-sales-plummet-in-october-after-federal-tax-credit-ends/
> Sales of electric vehicles surged in September as shoppers rushed to take advantage of the $7500 federal EV tax credit before it disappeared at the end of the month. With the government subsidies now gone, EV sales were expected to take a hit in October. While only a few automakers still report sales on a monthly basis, the results we do have [2]do not paint a rosy picture for EVs in a post-tax credit world .
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> The Korean automakers were hit particularly hard by the loss of the tax credit. The Hyundai Ioniq 5, which was the fifth-best-selling EV through the third quarter of this year, experienced a 63 percent drop, moving 1642 units in October 2025, down from 4498 in 2024. Its platform-mates saw similar declines. The Kia EV6 moved just 508 units, down 71 percent versus the same month the year before, while the luxurious Genesis GV60 only found 93 buyers, a 54 percent slide year over year. Things were even worse at Honda. While the Acura ZDX was recently discontinued after just a single model year, the related Honda Prologue remains on sale but registered just 806 units, down 81 percent from 4130 sales in October 2024. [...]
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> Obviously, this isn't the full picture, as several major players -- including General Motors, Toyota, Nissan, and Volkswagen -- only release sales reports on a quarterly basis, and others, such as Tesla and Rivian, don't break out individual sales at all. But with four of the top 10 bestselling EVs through Q3 all showing noteworthy declines in October, it spells trouble for the EV market at large. The end-of-year sales figures will provide a much clearer picture of whether October was just a blip or the start of a much more widespread problem for EV sales.
[1] https://slashdot.org/~sinij
[2] https://www.caranddriver.com/news/a69239779/ev-sales-plummet-in-october-after-federal-tax-credit-ends/
Not surprising, and nothing to worry (Score:2)
In all countries, where tax credits ended or were reduced, we saw the same pattern: people wanting an EV will buy early to qualify for the expiring tax credit, creating a short boom, and then there will be a period, when only a few people will buy EVs, and then it will normalize again. We had the same in Norway 10 years ago, we had it in Germany two years ago, it will be a short break and then pick up again.
Re: (Score:2)
Once battery plants are running in the USA the outlook will improve. Costs will be lower and old NMC chemistries will be replaced. First LFP and later sodium, LMR, and eventually solid state batteries will dramatically change the EV landscape. The USA is a few years behind the state of the art so basing trends on currently available EVs misses the point.
Blew their load (Score:2)
Take the Q3 sales for EVs, cut them in half, and spread them out over Q3 and Q4. There, now you have a clear picture of what sales would probably have been like (or maybe a few % higher) had EV subsidies stayed in place. People who were planning to buy an EV in the latter half of 2025 went ahead and did so before Sept 30th.
EV sales in *USA* plummet (Score:2)
Neither the summary nor the article bother to mention this.
Re: EV sales in *USA* plummet (Score:2)
Didn't you hear -- only the USA matters...!
(... to US people, at least)
Re: (Score:2)
Also it's going to be in large part due to people rushing to buy them before the tax credit ends.
In any case, the US needs more affordable EVs. In Europe they reached price parity with fossils a while back.
Re: (Score:2)
It is safely assumed, given this is a U.S. website.