EV Sales 'Reset' In October After Federal Incentives End

Benzinga

U.S. electric vehicle sales plunged in October after federal incentives expired, with Ford down 25% year over year and Toyota’s BZ dropping to just 18 units. Hyundai’s Ioniq lineup and Kia models saw steep declines, while hybrid sales surged 41%, signaling a consumer shift toward hybrid options.

Transcript

00:00It's Benzinga, bringing Wall Street to Main Street.

00:02Sales of all electric vehicles plunged in October after the expiration of federal incentives

00:06were up to $700 per purchase, according to CNBC.

00:10Ford's total is down 25% year-over-year, and Toyota's BZ dropped to this 18-unit sold

00:15for $1,401 a year earlier.

00:17Hyundai said its IONIQ 5 and IONIQ 9 fell 80% and 71% month-over-month, respectively,

00:23while Kia saw similar declines.

00:25Analysts said the sharp drop marks the start of a reset period for the EV market,

00:28following the end of its Senate-driven demand.

00:31Hybrid sales rose with Hyundai reporting a 41% increase from October 2024.

00:36For all things money, visit Benzinga.com.

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