Prospective EV buyers from Tesla, GM, Ford, and other manufacturers need to act fast before the Sept. 30 deadline cancels the $7,500 federal EV tax credit. The IRS clarified that acquiring a vehicle with a written contract and payment before the deadline allows buyers to claim the credit upon taking possession, even if delivery occurs after. July saw a surge in new EV sales, with Cox Automotive reporting a 26.4% increase month over month. With the tax credit expiration imminent, EV sales are expected to remain strong through Q3 before potentially dropping in Q4.

Read more at Yahoo Finance: Tesla, GM, Ford EV buyers get extra breathing room ahead of tax credit expiration