"The Republican tax and spending package that passed in early July brought an early end to federal EV tax credits, which are worth up to $7,500 for new electric vehicles and up to $4,000 for used ones. The credits end on September 30. Specifically, buyers need to have a binding contract in place by that time the vehicle itself can be delivered later. Anybody who was thinking of getting an EV soon-ish suddenly had a four-figure incentive to get one fast."
"Surveys have shown that many Americans were not even aware the EV tax credits existed. But some dealers and carmakers have been trying to raise awareness with ads focusing on the new deadline. For example, if you were shopping for a new Tesla this week, you would have seen a countdown clock on the website ticking away second by second to the last moment on Tuesday that you could place an order and still get the tax credit if you met all the requirements."
An early end to federal EV tax credits, effective after September 30, required buyers to have a binding contract by that date to qualify. The impending cutoff created a strong financial incentive that drove consumers to accelerate purchases. New EV sales surged, with industry observers describing a dramatic spike. Dealers and manufacturers promoted the deadline, including countdowns on websites. Data firms forecast notable third-quarter increases and reported EV market share gains in August. Used EVs under $25,000 also sold quickly, contributing to a broader boost across the overall auto market.
Read at www.npr.org
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