EV sales reached record levels in August as consumers rushed to claim expiring federal and other incentives. Automakers amplified discounts and promotions to capture price-sensitive shoppers. Battery-electric vehicles comprised 12.8 percent of car sales in August, up 3.2 percent year-over-year and 1.6 percent from July, exceeding the previous 11.2 percent peak in December 2024 according to JD Power. Political moves targeted EV subsidies, including an executive order and Congressional votes to end the $7,500 tax credit, prompting many buyers to accelerate purchases ahead of an approximate September 30th cutoff.
President Donald Trump has made no secret of his disdain for electric vehicles. On the first day of his presidency, he signed an executive order to eliminate EV incentives that he has often falsely portrayed as an "electric vehicle mandate." And last month, Republicans in Congress voted to kill the $7,500 tax credit, among other subsidies designed to make EVs more affordable.
You'd think all this negative overhead would depress EV sales, but instead, Americans are rushing to take advantage of those credits before they expire on September 30th ( or thereabouts). Automakers are pouring fuel on the fire in the form of their own discounts and incentives. As a result, EV sales are soaring to new heights right now - and it's all thanks to Trump.
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