Electric vehicle sales have cratered.
Across the country, dealers sold about 20 percent fewer used electric cars in October than in September and saw a staggering 50 percent drop for new ones, according to the latest data. No one was surprised. Congress voted in July to end the federal tax credits that helped consumers afford them on September 30, years before they were supposed to expire. That led to a rush of purchases before the deadline and a precipitous drop afterward.
The question now is whether this dip is a sign of a prolonged slump or a mere blip in an otherwise upward trajectory. While only time will tell, many analysts believe that electric vehicle adoption in the United States will continue to grow — albeit maybe not at the same pace seen before Congress killed the credits and automakers started second-guessing themselves.
“We’re definitely gonna see a slowdown,” said Stephanie Valdez Streaty, director of industry insights at Cox Automotive. Eliminating the federal credit of $7,500 on new EVs and ... Read more
