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6d ago

EV Sales Hit Records As $7,500 U.S. Credit Nears Expiry, With Q4 Slowdown Looming

Analysts warn of a demand cliff once the U.S. incentive lapses at month’s end.

New cars, among them new China-built electric vehicles of the company BYD, are seen parked in the port of Zeebrugge, Belgium, October 24, 2024. REUTERS/Yves Herman/File Photo
The Audi E5 Sportback, the first model of Audi's series of electric vehicles (EVs) jointly developed with SAIC, is showcased at a Volkswagen event in Shanghai, China April 22, 2025. REUTERS/Zoey Zhang/File Photo
A new electric vehicle charging station at the Ridgeland Common Recreation Complex in Oak Park recreation complex is installed in the base of a lamp post. The company that invented the design hopes this could be the start of a national trend. (Jesse Wright/Pioneer Press)
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Overview

  • Global EV sales reached 1.7 million in August, up 15% year over year, with the U.S. setting a monthly record as buyers pulled purchases forward before the Sept. 30 credit cutoff, Rho Motion reported.
  • Automakers and dealers leaned on a leasing loophole and stacked cash offers often topping $10,000, driving an EV inventory drawdown to 59 days in August, according to Lotlinx data.
  • Cox Automotive tallied 146,000 U.S. EV sales in August for a 9.9% market share, and researchers expect another strong September followed by a sharp fourth‑quarter drop once the credit expires.
  • Manufacturers are preparing production adjustments starting in October, with Volkswagen pausing U.S. ID.4 output and General Motors expected to trim EV production, industry reports indicate.
  • Tesla underperformed the boom as its U.S. sales fell 6.7% in August and market share slid to 38%, while Chinese brands such as BYD push deeper into Europe, including local output in Hungary to mitigate tariffs.