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4d ago

EV Rush Ahead of Tax-Credit Deadline Lifts Ford and GM as Tesla’s U.S. Share Hits 8-Year Low

Analysts see a pull-forward that will give way to a fourth-quarter slowdown once the $7,500 incentive ends Sept. 30.

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 said August U.S. sales rose 3.9% to 190,206 vehicles, with retail EV sales up 19% to 10,671 as buyers moved to secure the expiring credit.
  • Model results at Ford included Mustang Mach‑E up 35.3% to 7,226, F‑150 Lightning up 21.2% to 3,217, and E‑Transit down 76% to 228.
  • Despite the August spike, Ford’s year-to-date EV sales are down 5.7% to 57,888, underscoring a short-term surge rather than a sustained rebound.
  • GM recorded its best month ever for EVs with more than 21,000 sold across Chevrolet, Cadillac, and GMC, keeping the company the No. 2 U.S. EV seller.
  • Cox Automotive data show Tesla’s U.S. EV market share fell to 38% in August, the first drop below 40% since 2017, as rivals leaned on incentives and leasing to accelerate sales.