"Both J.D. Power and S&P Global Mobility estimate that October's EV market share plummeted to around 5% in the U.S., from a record high of over 12% in September. The battery-powered share of sales also dropped significantly on a year-over-year basis, from over 8% in October 2024. The last time EVs made up 5% of U.S. vehicle sales was in early 2022. According to S&P Global Mobility, some 64,000 new electric vehicles were sold in October."
"Plug-in hybrids got hit hard too, with their market share dropping from 2.2% in September to just 1% in October, per J.D. Power. The automotive industry is experiencing a significant recalibration in the electric vehicle segment in the first month following the expiration of the federal tax credits," said Tyson Jominy, J.D. Power's senior vice president of data and analytics."
U.S. electric vehicle market share collapsed to about 5% in October, down from a record above 12% in September, after the federal $7,500 clean-vehicle tax credit expired on September 30. New EV sales totaled roughly 64,000 in October versus nearly 150,000 in September when buyers rushed to capture the incentive. Battery-electric share fell year-over-year from over 8% in October 2024. Plug-in hybrid share dropped from 2.2% to 1%. The market faces higher unsubsidized prices, reduced consumer demand, and an EV volume "hangover" that shifted sales into prior months, prompting industry recalibration.
Read at insideevs.com
Unable to calculate read time
Collection
[
|
...
]