"He pointed to Europe as a case study, noting that when countries like Germany rolled back their subsidies a couple of years ago, the EV market "surprisingly ... continued to grow." McNeill suggested the U.S. is poised for a similar outcome, stating, "The market's established, and we're probably ready to have a market that can ... grow without subsidies." In the American market is catching up, there are 65 different EV models now available to consumers,"
"The recent end of the tax credit did create a "pull-forward in demand," he said, leading to a busy quarter for dealerships. However, this sales surge wasn't limited to one company. While Tesla saw a 7% increase, GM doubled its EV sales in the same quarter compared to the previous year. McNeill interpreted this as a positive sign, especially since many of those sales were for lower-priced models."
"Ford CEO Jim Farley, while being interviewed during the Ford Pro Accelerate summit in Detroit, took a virtually opposite tack, predicting the EV industry will be cut in half. He said EVs will remain a "vibrant industry" going forward, but also said it's "going to be smaller, way smaller than we thought." The end of the $7,500 consumer incentive is a "game-changer," he added,"
The U.S. electric vehicle market is positioned to continue growing without federal subsidies due to expanding model choices and increasing availability of lower-priced EVs. A recent expiration of a key $7,500 tax credit created a pull-forward in demand and produced a busy quarter for dealerships. Market breadth now includes about 65 EV models, and combined EVs and hybrids represent roughly one in four new U.S. vehicle sales. Quarterly results showed Tesla rising 7% while another major automaker doubled EV sales year-over-year, with many purchases concentrated in lower-priced models. Some forecasts warn the market could contract without incentives.
Read at Fortune
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