President Trump’s “One Big Beautiful Bill Act” ending federal EV tax credits will impact Tesla, GM, and Ford. Sales expected to drop by half in the US. New guidance from the IRS allows wiggle room for EV buyers post-Sept. 30 deadline. Expect a steep drop in EV sales with market share potentially below 4%.

Cox Automotive reports a surge in EV demand, pushing market share to 9.1% in August with over 130K EVs sold year over year. GM sets new monthly record with 21,000 EVs sold. Analysts predict lower EV sales post-tax credit expiration, leading to potential price reductions and discounting to maintain sales momentum.

Pure-play EV maker Lucid offers a $7,500 discount post-tax credit expiration. Loss of federal tax credit for consumers is part of a two-pronged assault on EVs by the White House, along with curtailed incentives to build EVs in the US and ended penalties for automakers. Manufacturers may lack incentives to build EVs in the absence of regulations or penalties. 1. The stock market saw a sharp decline today, with the S&P 500 falling 2.5% and the Dow Jones dropping 600 points. Analysts attribute the drop to concerns over inflation, rising interest rates, and geopolitical tensions.

2. In other news, the unemployment rate has dropped to 5.8%, the lowest it has been in over a year. This is a positive sign for the economy as more people are finding jobs and returning to work.

3. The FDA has approved a new drug for the treatment of Alzheimer’s disease. The drug, called Aduhelm, has shown promising results in clinical trials and is the first new treatment for Alzheimer’s in over 20 years.

4. The housing market continues to boom, with home prices reaching record highs. The median home price is now $350,000, a 15% increase from last year. Low mortgage rates and high demand are driving the market.

5. Tesla has announced plans to build a new factory in Texas, which will create thousands of jobs in the state. The factory will produce the Cybertruck, Tesla’s electric pickup truck, and is expected to be completed by the end of the year.

Read more at Yahoo Finance: EV Armageddon? Tesla, GM, Ford EV sales will be cut in half when tax credit expires, analyst says.