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After A Year Without Tax Credits, EVs Are Down But Not Out

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After A Year Without Tax Credits, EVs Are Down But Not Out

It’s been a year and change since the biggest shock America’s electric car market has ever seen. The $7,500 EV tax credit met its untimely demise on September 30, 2025, as the Trump administration and Congress also axed fuel economy regulations and other policies pushing EVs along.

EV sales cratered at the end of last year—not just just because a big incentive to buy one abruptly vanished, but also because so many Americans had rushed to get one while the getting was good. In September of 2025, the electric share of retail car sales soared to over 14%, according to data from JD Power. In October, that plunged to 7.1%, but the pain wasn’t through. By November, just 5% of retail sales were battery-powered, a level not seen since 2022.

“That was something that nobody expected, and it made very important and sudden changes in the market, and for us too, right?” Hyundai CEO José Muñoz told me last month. “All of a sudden, you either add the incentive, or you lose sales, or you do something in between.”

It wasn’t clear how quickly or to what degree things would bounce back. But the market is showing new signs of life and has started to gradually rebound.

“In general, the EV market has been perhaps more resilient in some ways than we would maybe expect,” Tyson Jominy, JD Power’s senior vice president of data and analytics, told me.



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