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Key Points
The U.S. government’s $7,500 tax credit for electric vehicle (EV) purchases expired on September 30, leading to a surge in EV demand as buyers rushed to utilize the incentive. Automakers Ford Motor Company and General Motors both reported increased sales in Q3 due to this deadline, with Ford’s EV sales rising 30% year-over-year to a record 30,612 units.
General Motors achieved a notable 8% rise in U.S. light vehicle sales and set an EV sales record with 66,501 deliveries, more than doubling Ford’s EV sales. Year-to-date, GM’s EV sales are up 105% from the previous year, reaching 144,668 vehicles, spurred by the popularity of the Chevrolet Equinox EV.
Despite the anticipated slowdown in EV sales, Ford and GM have found a way to extend the federal tax credit into October through financing arrangements with their customers. This maneuver allows them to maintain sales momentum even after the incentive’s expiration.
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