October EV Sales Cool as Prices Rise and Incentives End
Electric vehicle (EV) sales cooled in October as federal tax credits expired, prices rose, and the market shifted to sustainable, long-term growth.
According to Edmunds, the EV market is entering a "reset era" after a record September, following the expiration of the $7,500 federal tax credit for EV purchases and leases.
The EV market is entering a "reset era" after a record September.
Average transaction prices for new EVs rose to $65,021 in October, approaching record highs, reflecting a higher share of premium models and less reliance on short-term deals.
Edmunds notes that October buyers appear more committed to electrification rather than being motivated solely by incentives, indicating steady consumer interest and long-term potential for EV growth.
Author's summary: EV sales slow down in October due to expiring tax credits.
- Average transaction price for new EVs: $65,021
- Federal tax credit for EV purchases and leases: $7,500 (expired)