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59m ago

EV Sales Spike in August as Buyers Race Tax-Credit Deadline

Automakers now signal production pullbacks as the $7,500 credit ends on Sept. 30.

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Overview

  • General Motors logged its best U.S. EV month with more than 21,000 sales across Chevrolet, Cadillac and GMC, keeping the company No. 2 in EVs.
  • GM said it expects lower EV sales next quarter after the credit expires, plans to avoid overproduction and predicted an end to “irrational” discounting as weaker rivals scale back.
  • Hyundai reported 88,523 U.S. sales in August with electrified models making up 32% of its retail mix; Ioniq 5 sales jumped 61% to 7,773 as Hyundai and Kia posted record months.
  • Ford’s U.S. EV sales rose 19% to 10,671, including a record 7,226 Mustang Mach-Es and 3,217 F-150 Lightnings, marking the automaker’s sixth straight month of overall growth.
  • Analysts forecast a sharp post-credit cooldown, with one projecting U.S. EV market share could dip near 4%; IRS guidance allows deals signed by Sept. 30 to take delivery later.