EV sales soar as Trump’s ‘big beautiful bill’ axes $7,500 tax credit

Consumers are rushing to purchase electric vehicles before the looming deadline to claim tax credits worth up to $7,500, as per auto analysts. The tax breaks, which were available for new, used, and leased EVs, are set to expire after September 30th due to legislation supported by Republicans on Capitol Hill and signed by President Donald Trump in July.

Originally, the Biden-era Inflation Reduction Act had extended the tax incentives for EVs through 2032. However, with the impending deadline, there has been a significant surge in EV sales anticipated for the third quarter of this year. Stephanie Valdez Streaty, a senior analyst at Cox Automotive, mentioned that the expectation is for Q3 to potentially break records for EV sales due to the tax incentives expiring.

In July, consumers bought nearly 130,100 new EVs, marking the second-highest monthly sales on record, following December’s approximately 136,000 sales. This represents a 26.4% increase from June and almost a 20% increase year-over-year. The share of EV sales in July accounted for about 9.1% of total sales of passenger vehicles, the largest monthly share on record.

Additionally, there were nearly 36,700 used EVs sold in July, a record monthly high according to Cox data. Specific EV models like the Chevy Equinox EV, Honda Prologue, and Hyundai IONIQ 5 also saw record-breaking sales last month. The Equinox EV had the highest monthly EV total in the U.S. for any model outside of Tesla, despite Tesla’s sales declining in the past two quarters.

The tax credits, valued up to $7,500 for new EVs and $4,000 for used EVs, aim to make EV purchases more attractive financially. While EVs are considered more environmentally friendly than traditional gasoline vehicles, they usually have a higher upfront cost. However, with the tax credits, the price gap between EVs and gasoline cars is diminishing, making EVs more competitive in the market.

Dealers are capitalizing on the upcoming deadline by offering generous financial incentives to entice consumers. Tesla, for example, has prominently displayed the $7,500 Federal Tax Credit Ending message on its website, urging consumers to take delivery before September 30th to qualify for the tax credit.

As the market adjusts to the new financial reality post-tax credit expiration, EV sales are expected to decline in the fourth quarter of 2025. However, the used EV market is likely to see growth, especially as availability increases and incentives for new EVs decrease. With the market shifting towards used EVs, the future looks bright for this segment in the coming quarters. Title: The Benefits of Adopting a Plant-Based Diet

In recent years, the popularity of plant-based diets has been on the rise, and for good reason. Not only are plant-based diets beneficial for the environment, but they also offer a wide range of health benefits for those who adopt them. From reducing the risk of chronic diseases to improving overall well-being, here are some of the key benefits of adopting a plant-based diet.

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Overall, adopting a plant-based diet is a win-win for both individuals and the planet. By choosing to eat more plant-based foods, individuals can improve their health, reduce their environmental impact, and contribute to a more sustainable future. Whether you’re looking to improve your health, protect the environment, or simply try something new, incorporating more plant-based foods into your diet is a decision that can have far-reaching benefits for both yourself and the world around you.