U.S. electric vehicle sales set a record over the past three months, as buyers rushed to take advantage of federal tax credits before they disappeared at the end of September.
The tax credits, which provided a discount of up to $7,500 on the sticker price for EVs and some plug-in hybrids, were one of the most visible facets of former President Joe Biden’s plan to promote electric transportation.
They helped boost EV sales since going into effect at the end of 2022. And analysts said the expiring credits provided a last-minute jolt from July to September.
Though the industry is still crunching the numbers, early estimates from Cox Automotive, a market analysis firm, indicate that carmakers sold more than 410,000 electric vehicles in the U.S. during the third quarter — which would represent a new quarterly record.
