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fliptop [soylentnews.org] writes:

Electric vehicle demand is set to crash this month after tax credits vanish and buyers back away [carscoops.com]:

• J.D. Power predicts a 60% EV sales drop in October from September levels.
• Decline follows expiration of federal tax credits that boosted affordability.
• EVs will make up 5.2% of new sales, down from September’s record 12.9%.

[...] The research firm, working with GlobalData, predicts 54,673 EV retail sales for October. If that figure holds, it represents a 43.1 percent decline compared with October 2024, when 96,085 electric vehicles were sold. That would also mean a slide in market share from 8.5 percent to just 5.2 percent.

[...] “The automotive industry is experiencing a significant recalibration in the electric vehicle segment,” said J.D. Power data analyst Tyson Jominy. “The recent EV market correction underscores a critical lesson: Consumers prefer having access to a range of powertrain options.”

Perhaps the wildest bit of this entire thing is that it could’ve been even worse for EVs. Many brands, including Hyundai, GM, and Tesla, rolled out different methods to ease the pain of losing the federal tax credit [reuters.com].

Previously:

• GM to Take $1.6 Billion Hit as It Scales Back Electric Vehicle Operations [soylentnews.org]
• Porsche EV Roll-Out Delay Deals $6 Billion Hit to Parent Volkswagen [soylentnews.org]
• Canadian EV Sales Collapse by 35% as Gas Car Purchases Surge [soylentnews.org]

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