Sales of electric vehicles in the US reached a record high in the third quarter due to the expiration of tax incentives for EV buyers. This surge caused the average car price to exceed $50,000 for the first time. LG Energy Solution is expected to see a 34% increase in profits for the quarter as a result.

The end of tax credits for EVs is expected to negatively impact carmakers, with Ford’s CEO warning of potential challenges ahead. Currently, EVs represent 10.5% of the US car market, but profitability remains an issue. Other automakers like GM and Stellantis are also facing losses on every EV they produce.

The Trump administration’s policies have impacted the EV market, causing a decline in sales and leading to a shift in focus for EV battery makers. Battery storage is seen as a potential growth avenue, but forecasts suggest a possible 75% decline in US EV battery production by 2030. Diversification may be necessary for the future survival of car and battery makers.

Read more at Yahoo Finance: Americans Rush To Buy EVs Ahead of Subsidy Expiry