00:00Automakers reported a sharp decline of U.S. sales of electric vehicles in October after the expiration of up to $7,500 in federal tax credits.
00:09Companies like Ford, Kia, Hyundai, and Toyota all saw major declines, with Hyundai's Ioniq models falling as much as 80% month over month.
00:19Executives said many buyers rushed to purchase before the ending of incentives, leading to an expected post-credit slump.
00:26While EV sales tumbled, hybrid vehicle sales rose, signaling shifting consumer preferences as the market adjusts to life without federal incentives.
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