Consumers are rushing to buy electric vehicles before the tax credit deadline of $7,500 expires on Sept. 30. Q3 may see record EV sales, says analyst Stephanie Valdez Streaty. Legislation championed by Republicans eliminates the tax breaks signed by President Donald Trump in July.
In July, nearly 130,100 new EVs sold, accounting for 9.1% of total sales, the largest monthly share on record. Used EV sales hit 36,700. Models like Chevy Equinox EV, Honda Prologue, and Hyundai IONIQ 5 saw record-breaking sales. Tesla sales declined for two consecutive quarters.
EVs aim for price parity with $7,500 tax credit for new EVs and $4,000 for used EVs. Biden administration pushes for EV adoption to cut U.S. greenhouse gas emissions. EVs are better for the environment, but carry a higher upfront cost. States and utilities may offer additional financial incentives for EVs.
Dealers are boosting incentives for EV sales before the Sept. 30 deadline. Tesla’s home page highlights the tax credit ending. Dealers offer about $9,800 of additional financial incentives to new-EV buyers in July. Used EVs likely to grow as the market adjusts to new financial reality post-tax credit expiration.
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1. Tesla reports record-breaking profits in Q3, surpassing expectations with $1.62 billion in net income. The company delivered over 240,000 vehicles during the quarter, exceeding analysts’ projections.
2. Apple unveils new MacBook Pro models featuring the powerful M1 Pro and M1 Max chips. The laptops boast improved performance, longer battery life, and enhanced display technology, catering to professional users and content creators.
3. Facebook rebrands as Meta, signaling a shift towards the metaverse and virtual reality. CEO Mark Zuckerberg emphasizes the company’s vision for building a connected, immersive digital world that goes beyond social media.
4. The US economy adds 531,000 jobs in October, exceeding forecasts despite ongoing supply chain challenges. Unemployment falls to 4.6%, fueling optimism for a strong recovery as businesses continue to hire and consumer demand remains robust.: EV sales soar as Trump’s ‘big beautiful bill’ axes $7,500 tax credit