Ending of U.S. EV tax credits for new and used vehicles prompted buyers to accelerate purchases before incentives expire, driving a sharp sales surge in July. July new EV sales reached 130,082 units, up 26.4% month-over-month and 19.7% year-over-year, lifting market share to 9.1%. Eleven brands posted their best EV sales of the year, led by Tesla, Chevrolet, Hyundai, Ford and Honda, while Volkswagen surged 454%. Luxury brands showed strong gains. Used EV inventories tightened, with average dealer supply down 49% year-over-year to 40 days, while new EV supply measured about 87 days.
New and used EV sales are booming, and it's all because of U.S. President Donald Trump. The president successfully pushed Congress to end the EV tax credit for new and used vehicles, and consumers are rushing to cash in on those programs before they disappear for good. That drove strong EV sales growth last month, with demand reaching near-record levels, per new data from Cox Automotive.
It was the second-highest monthly total on record, with 11 brands posting their best EV sales of the year. The top five by volume-Tesla (53,816 units), Chevrolet, Hyundai, Ford and Honda-all saw strong gains, while Volkswagen surged 454% to sixth place. Luxury brands also performed well, with Audi (+150.2%), Cadillac (+14.5%) and Mercedes-Benz (+6.4%) signaling continued strength in the premium segment.
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