October Sees Drop in EV Sales After Tax Credit Conclusion

Sales of electric vehicles (EVs) surged in September as consumers sought to benefit from the $7,500 federal tax credit before it expired, but a significant decline was observed in October. Korean automakers were particularly affected, with the Hyundai Ioniq 5 sales dropping 63% and the Kia EV6 down 71% year-over-year. Honda’s Prologue also saw an 81% decrease in sales. The overall decline among several top-selling EV models raises concerns about the future of the EV market post-tax credit.

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