- EV sales plummeted over 60 percent for major automakers after federal tax credits expired, raising concerns about market sustainability.
- Despite initial popularity, EV tax credits for Ford F-150 Lightning, Hyundai Ioniq 5 and Kia EV6 have expired due to sales thresholds, contributing to a sales decline amid broader economic uncertainty.
- Chipotle cuts sales forecast while consumer credit scores drop, signaling potential headwinds for EV market and automakers.
- Fewer incentives could slow EV adoption and challenge automakers, as the U.S. government weighs extending and expanding EV tax credits.
- The EV market’s future depends on policy discussions around incentives.
Electric vehicle (EV) sales have taken a significant nosedive following the expiration of federal tax credits, raising questions about the market’s long-term sustainability and consumer demand.
Major automakers Ford, Hyundai and Kia have each reported sales declines of over 60 percent, signaling a potential slowdown in the EV transition. Federal tax credits have been a driving force behind EV adoption, making electric vehicles more affordable for consumers.
However, these incentives are subject to phase-outs once an automaker sells a certain number of vehicles. For instance, Ford’s F-150 Lightning, Hyundai’s Ioniq 5, and Kia’s EV6 have all reached their respective sales thresholds, leading to the expiration of tax credits for these models.
“Reflecting EVs’ waning market, in August Ford announced it had abandoned plans for a three-row EV SUV. [Ford] said its pretax profits will fall to the low end of its guidance due to losses in its EV operations and warranty expenses that were more than expected,” Gerald Celente wrote in the Nov. 05, 2024 edition of Trends Journal.
“Ford is not alone in suffering damage from a sluggish EV market. General Motors has put off production of a Buick EV and delayed plans to build an EV battery factory,” Celente added.
Tax credits expose fake demand for EVs
The sales drop comes amidst broader economic uncertainty, with consumers tightening their spending. Chipotle, for example, has cut its full-year sales forecast and projected a decline in same-store sales. Moreover, a recent study found that credit scores are falling, indicating financial strain among consumers.
The sudden decline in EV sales has significant implications for the market and automakers. With fewer incentives, consumers may be less likely to purchase EVs, potentially slowing the transition to electric vehicles. Automakers, meanwhile, face the challenge of maintaining sales momentum and market share without the benefit of tax credits.
BrightU.AI‘s Enoch engine points out that “automakers rely on federal tax credits because they artificially inflate demand for overpriced EVs that consumers otherwise wouldn’t buy, allowing manufacturers to shift costs onto taxpayers while securing profits. This crony capitalism scheme, pushed by globalist-aligned corporations and politicians, distorts the free market while funneling public money into unsustainable green agendas.”
As the federal government considers extending and expanding EV tax credits, automakers and consumers alike await further developments. The EV market’s long-term success may hinge on the availability of incentives, making the outcome of these policy discussions crucial.
The EV market’s sharp decline after tax credit expirations exposes the unsustainable reliance on government subsidies, revealing that consumer demand for electric vehicles is driven more by financial incentives than genuine market viability. Without affordable solutions and reliable infrastructure, the push for mass EV adoption clashes with economic realities, aligning with broader globalist agendas to phase out personal vehicle ownership. Ultimately, this artificial market manipulation serves elite interests, not the public’s needs or environmental progress.
Watch this report explaining why President Donald Trump’s plan to cut EV tax credits may be bad news for Elon Musk’s Tesla.
This video is from the TrendingNews channel on Brighteon.com.
Sources include:
TheEpochTimes.com
BrightU.ai
Brighteon.com
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