U.S. EV Sales Surge in Q3 2023 as Tax Credits Expire
The U.S. electric vehicle (EV) market experienced a surge in the third quarter of 2023, driven by expiring federal tax credits. The credits, offering up to $7,500 off the sticker price, boosted sales significantly from July to September.
According to early estimates, over 410,000 EVs were sold in the U.S. during this period, potentially setting a new quarterly record. Buyers rushed to purchase EVs before the IRS tax credits expired at the end of September. Tesla, the leading automaker in EV sales, dominated the market in the third quarter, as reported by Cox Automotive estimates.
The expiring IRS tax credits provided a significant boost to EV sales in the U.S., with record-breaking numbers achieved in Q3 2023. Despite the credits' expiration, the strong demand for EVs indicates a promising future for the industry.
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