Consumers are racing to buy electric vehicles before a fast-approaching deadline to claim tax credits worth up to $7,500, according to auto analysts.
Legislation championed by Republicans on Capitol Hill and signed by President Donald Trump in July eliminates the tax breaks — available for new, used and leased EVs — after Sept. 30.
The Biden-era Inflation Reduction Act had originally offered the tax breaks to consumers through 2032.
“We’re expecting Q3 may be [a] record for EV sales because of the tax incentives going away,” said Stephanie Valdez Streaty, a senior analyst at Cox Automotive.
“People are rushing out” to buy, she said.
Consumers purchased nearly 130,100 new EVs in July, the second-highest monthly sales tally on record, behind roughly 136,000 sold in December, according to Cox Automotive data. The July figures represent a 26.4% increase from June and nearly 20% increase year-over-year, Streaty said.
The share of EV sales in July also accounted for about 9.1% of total sales of passenger vehicles that month, the largest monthly share on record, according to Cox.
“We’re seeing significant volume in new EVs,” said Liz Najman, director of market insights at Recurrent, an EV marketplace and data provider. ...
