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4w ago

EV Buying Rush Before Tax Credit Deadline Lifts Ford and GM as Tesla's U.S. Share Hits Eight-Year Low

Analysts say incentives and an expiring $7,500 federal credit are pulling demand into late summer before a likely downturn in October.

A logo is pictured on an electric car at the Tesla Inc. vehicle facility in Costa Mesa, California, U.S., November 1, 2023. REUTERS/Mike Blake/File Photo
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Overview

  • Ford reported August U.S. sales up 3.9% with retail EV sales jumping 19% to 10,671, led by Mustang Mach-E up 35% and F-150 Lightning up 21%.
  • General Motors said August was its best month ever for EVs, selling more than 21,000 across Chevrolet, Cadillac, and GMC and holding the No. 2 spot in U.S. EV sales.
  • Tesla’s U.S. EV market share fell to about 38% in August, its first drop below 40% since October 2017, as its sales grew roughly 3.1% versus about 14% growth for the broader EV market.
  • Cox Automotive reported that Hyundai, Honda, Kia, and Toyota leaned on richer incentives that lifted their EV sales between 60% and 120%, grabbing share from Tesla.
  • With the federal clean-vehicle credit expiring Sept. 30, dealers are sweetening pricing and financing, and analysts warn of a sharp sales pullback after the deadline.