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Buyers Rush EV Deliveries, Straining Inventories Before Tax Credit Expiry

With buyers rushing to secure deliveries by Sept. 30, automakers warn that long wait times will follow a brief Q3 boom.

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Overview

  • Federal incentives of $7,500 for new EVs and $4,000 for used ones expire on Sept. 30 and require physical delivery by that date, driving the current buying frenzy.
  • Cox Automotive data shows July new EV sales jumped about 26% year-over-year to 130,000 units, depleting showroom stock and extending Tesla delivery estimates from weeks to months.
  • Tesla has increased Model Y lease rates by up to 14%, cut free upgrade offers and is publicly pressing customers to take delivery before the deadline to qualify.
  • CFOs at General Motors, Ford and Rivian project a sharp third-quarter sales spike then a pronounced slowdown once credits and regulatory-credit revenues vanish.
  • California has pledged to explore state rebates but has yet to present a funded plan, while Costco’s auto program and dealer incentives seek to cushion buyers before the credits end.