EV & Hybrid Sales Surge 30% Despite Tax Credit Expiration
Electric vehicle (EV) and hybrid sales have surged, with a 30% increase since the start of summer. This growth comes as the federal tax credit for these vehicles, such as those offered by Tesla, is set to expire at the end of September.
Despite the looming expiration of the federal tax credit, consumers have shown strong interest in EVs and hybrids. This has led to a significant increase in sales, with the overall vehicle market remaining steady.
The Inflation Reduction Act, however, brings good news for EV enthusiasts. It includes incentives for both new and used EVs, as well as some plug-in hybrids. New models can now qualify for a $7,500 tax credit, while used ones are eligible for $4,000. These incentives are expected to further boost EV and hybrid sales, similar to those offered by Credit Karma.
With the federal tax credit for EVs and hybrids set to expire soon, the Inflation Reduction Act's incentives come as a timely boost for the industry. These new incentives are poised to drive further growth in EV and hybrid sales, contributing to the ongoing shift towards sustainable transportation.
