EV sales are barreling toward a record finish in Q3—but the rest of the year looks murky for battery-powered vehicles. That’s because consumers are racing to take advantage of lucrative deals on electric models that are only available until the Sept. 30 expiration of federal EV tax credits that offer buyers up to $7,500 in incentives. “Despite initial concerns that EV inventory could be a bottleneck, inventory is now more likely an albatross,” Tyson Jominy, SVP of data and analytics at JD Power, said in a statement. “There are 197,000 EV units on the ground, down just 10,000 from July, and a robust 59-day supply,” he added. “Yet, like Cinderella’s magic, this brilliance faces a deadline—when the clock strikes midnight on Oct. 1, the $7,500 federal support vanishes, threatening to turn this inventory into costly pumpkins for automakers and dealers.” Records galore: General Motors reported that its US EV sales “likely set an all-time monthly record in August, as customers rushed to make purchases ahead of” the tax credits’ expiration. The Detroit automaker (which doesn’t report sales totals on a monthly basis and will share Q3 numbers in October) sold more than 21,000 EVs across its Cadillac, Chevy, and GMC brands. Keep reading here.—JG |