Electric vehicle sales in the U.S. plummeted in October, largely due to the expiration of the $7,500 federal tax credit. Major automakers like Hyundai and Kia were seemingly caught off guard by the sharp decline triggered by this policy change.
Hyundai reported selling over 70,000 vehicles in the U.S. in October, a 2% year-over-year decrease. The silver lining is that year-to-date sales remain 10% higher, surpassing 748,000 units.
However, the Ioniq 5 electric crossover saw a staggering 62% drop to 1,642 units, compared to nearly 4,500 a year ago. Similarly, the Ioniq 6 sedan sales halved to 397 units. The newly launched Ioniq 9 hasn’t met expectations, with only 310 units sold in October and approximately 4,500 year-to-date.
Kia faced similar challenges, with the three-row EV9 selling just 666 units in October, down from over 1,900 last year. Year-to-date EV9 sales dropped to 13,114 units from 17,911. The EV6 also struggled, selling only 508 units in October compared to over 1,700 previously. Its year-to-date sales plummeted to 11,585 units, a sharp decline from 17,700 in the same period in 2024.
Kia’s Niro EV sales weren’t disclosed separately, as they were combined with gasoline and hybrid variants. Notably, Kia recently postponed the U.S. launch of the EV4 indefinitely, citing shifting market conditions.
The federal tax credit for new electric vehicles expired on September 30, 2025. According to S&P Global Mobility and J.D. Power, October EV sales in the U.S. nosedived to around 64,000 units, a 57% drop from September’s nearly 150,000. Market share of new EVs also plunged from over 12% in September to approximately 5% in October.
European Nation’s Electric Vehicle Adoption Outpaces China by 3x and the U.S. by 13x
By mid-2025, electric vehicle adoption in this country soared to nearly 94%, marking a significant milestone in sustainable transportation.
Exclusive Deals: Hyundai Dealers Slash Prices by Tens of Millions on Authentic Models Like i10, Venue, and More!
Not all models are included in Hyundai’s official October promotion. To boost sales and clear inventory, dealerships are offering their own exclusive deals.
Top Car Models Driving Sales for Automakers in Vietnam
Most of the best-selling models from major automakers in Vietnam are urban crossover SUVs, such as the Toyota Yaris Cross, Mazda CX-5, and Hyundai Tucson. Notably, Honda stands out with its flagship model being the City, a B-segment sedan.
BYD Stuns with 880% Sales Surge in Lucrative Market: Tax-Free Electric Vehicles Outshine US and EU Appeal
This nation has emerged as the company’s largest market outside of China.
The Fierce Auto Price War Rages On Post-Ghost Month
To boost sales following a sluggish period, leading automakers including Toyota, Honda, Hyundai, and Mitsubishi have collectively rolled out price reductions on their flagship vehicle models throughout October.
