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EV Sales Spike Before U.S. Credit Deadline as GM Sets Record and Tesla Slumps in Europe

Buyers rushed to capture the expiring $7,500 U.S. credit, setting up a likely pullback once incentives lapse.

The new GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, U.S., March 16, 2021. Picture taken March 16, 2021. REUTERS/Rebecca Cook/File Photo
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Overview

  • General Motors logged its best U.S. EV month with more than 21,000 sales and cautioned that post‑Sept. 30 it expects a smaller EV market and will pare production rather than overproduce.
  • Tesla’s U.S. sales were estimated at 55,500 in August, a 2025 monthly high, while European registrations slid sharply, including Germany down 39% year over year, with Norway a notable exception.
  • Legacy automakers reported broad August gains with EV momentum, including Ford’s EV sales up 19% to 10,671, Hyundai’s sales up 12% with Ioniq 5 records, and Kia’s EV lineup posting sequential increases; Toyota also advanced.
  • UK data showed EVs accounted for 26.5% of August car sales as grants widened eligibility, with Tesla registrations in Britain up 7.6% to 3,243 even as its performance elsewhere in Europe weakened.
  • Automakers are preparing for a volatile fall as discounts tighten and the U.S. tax credit ends on Sept. 30, with GM flagging a reset in pricing and output and Volvo reporting August global sales down 9% with electrified models off 17%.