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People are rushing out and buying EVs like mad right now, and it’s all thanks to President Trump, of all people. That might sound odd considering the current administration has dismantled regulations aimed at pushing consumers into electric cars, but in a way that’s what’s spurred the sales bonanza.
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More specifically, the Big Beautiful Bill that passed and Trump signed into law does away with the $7,500 federal EV tax credit on September 30. We’ve seen ads and social media posts from different automakers encouraging people to take advantage of the tax credit before it’s gone, possibly forever.
The FOMO (fear of missing out) is real as people have panicked and grabbed that EV they were considering but not sure about before. After all, $7,500 isn’t pocket change.
Data from Cox Automotive show EV sales surpassed 130,000 for July, the second-highest total on record. It also is a 20 percent increase year-over-year and 26.4 percent higher than the total for June.
The figure that’s really turning heads is that EVs constituted 9.1 percent of all car sales for July, the highest percentage ever.
Cox data also shows used EV sales hit a record high in July at almost 36,700.
But we wonder if once the tax credit is gone, automakers won’t lower prices of use other incentives to lure in buyers. After all, when different incentives have been given in the past, the price of vehicles have basically all increased that amount, almost like magic.
Some are mad because the federal tax credits originally offered through the poorly named Inflation Reduction Act (which did nothing to reduce inflation and arguably accelerated it) were supposed to last through 2032.
There was also a plan through federal regulations to force consumers into buying electric cars, something else the Trump administration has systematically dismantled.
Image via Tesla
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