- EV sales hit a record in August ahead of the end of a crucial tax incentive.
- The $7,500 tax credit will end in September after the Trump administration scrapped EV incentives.
- Ford, GM, and Hyundai are all seeing electric sales surge, but Tesla is still lagging.
EVs are flying off the lot with one notable exception: Teslas.
Electric vehicle sales in the US hit a record in August as buyers rushed to take advantage of the $7,500 tax credit before it ends in September.
146,000 EVs were sold last month, according to data from automotive consultancy Cox Automotive, with electric vehicle sales reaching a record 9.9% market share.
The surge was driven by the Trump administration’s decision to end the $7,500 tax credit for new American-made electric vehicles, with the incentive coming to an end on 30 September.
The race to buy an EV before prices rise has seen Ford, General Motors, and Hyundai report booming EV sales in August — but one company that is not benefiting is Tesla.
The Elon Musk-led automaker saw its US sales drop 6.7% year-over-year last month, Cox Automotive’s data shows. Tesla’s share of the EV market also fell to 38% in August, its lowest level in eight years, despite prices being around 5.5% lower than they were a year ago.
Tesla has been buffeted by public backlash over CEO Musk’s outspoken political interventions this year, and the company’s vehicles have become targets for vandalism and protests.
The Cybertruck maker, which remains the country’s biggest seller of electric vehicles, has also not launched a new vehicle for several years and faces renewed EV competition from brands like Chevrolet, Ford, and Hyundai.
Tesla’s global sales in the second quarter were nearly 14% lower than a year ago, and the company reported a similar decline in Q1.
Tesla did not immediately respond to a request for comment, sent outside normal working hours.
