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EV Sales Hit August Record as $7,500 Credit Deadline Triggers Deep Discounts

Heavy incentives combined with a lease-driven workaround are pulling demand forward before the Sept. 30 credit cutoff.

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Overview

  • U.S. EV sales reached 146,332 in August for a 9.9% market share, and analysts say Q3 2025 is on track to set a quarterly record.
  • Buyer incentives averaged over $9,000 in August, equal to 16% of the average transaction price, which rose to $57,245 and was roughly flat year over year.
  • Automakers stacked lease cash and loyalty or conquest bonuses on top of the credit, pushing EV leases to about 75% of July transactions and driving an average EV lease payment of $624 per month.
  • Examples of steep deals include up to $19,000 off the Honda Prologue and earlier offers exceeding $31,000 on select Lucid Air models, while EV days’ supply fell to 59 in August from 99 in June.
  • Tesla’s U.S. EV share slid to a record-low 38% with sales down 6.7% year over year, and GM cautioned that sales will cool once aggressive discounting and the federal credit end.