If you’ve noticed more people sharing pictures of their new EVs on social lately….there’s a financial reason.
Transcript:
Time is running out to get a cheaper EV.
The $7,500 federal tax credit for electric vehicle buyers expires October 1st – as in, next week.
It was created under the Biden administration, but rolled back in President Trump’s tax and spending package passed in July.
That looming deadline has sparked a rush of buyers, because once the credit is gone, EVs effectively get more expensive overnight. Analysts say sales could cool sharply in the months ahead – and automakers may be forced to cut prices to keep demand alive.
EV sales have been climbing for years, but the momentum is slowing. In the first half of this year, sales rose just 1.5%. And in the second quarter, they actually fell more than 6% from a year earlier, according to Cox Automotive.
So automakers may keep offering sweeter deals. But for now, there’s still time to scoop up that $7,500 savings. BUT…the clock is ticking.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Caroline Woods with TheStreet.
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