All articles tagged with #ev sales decline
EV sales in the US experienced a significant drop in October following the expiration of federal tax credits, with automakers like Ford, Kia, and Hyundai reporting declines between 25% and over 70%, although hybrid vehicle sales remain strong. The market is expected to stabilize as buyers adjust to the new incentive landscape.
While some automakers experienced significant EV sales growth in the US during Q3 2024, others notably declined or failed to report results, highlighting disparities in how companies are capitalizing on the EV market and the end of US EV tax credits.
Despite the U.S. government's removal of federal incentives and a political shift away from supporting electric vehicles, automakers are still investing in EV technology due to global growth and long-term profitability prospects, with some signs of gradual recovery in U.S. sales and infrastructure development.
Tesla's EV sales in California, the largest US market, declined by 21% in Q2 2025, leading to a broader downturn in the state's EV market and raising concerns about Tesla's market position amid legal challenges and increased competition from other luxury brands.