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FAQ: October 2024 US Electric Vehicle Sales Collapse After Federal Subsidy Ends
TL;DR
EV companies like Bollinger Innovations can gain market advantage by focusing on price competitiveness and quality now that federal subsidies have ended.
The $7,500 federal tax credit expiration caused EV market share to drop from over 12% in September to around 5% in October 2024.
This market shift encourages EV manufacturers to create more affordable, high-quality electric vehicles accessible to broader consumer segments.
October 2024 saw the lowest EV sales share since early 2022, dropping from over 8% to around 5% after subsidy removal.
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Electric vehicle sales in the United States took a sharp hit in October 2024, with EV market share falling from over 12% of total car sales in September to just around 5% in October.
The collapse was caused by the end of the federal $7,500 tax credit for clean vehicles on September 30, which had been supporting EV sales through government subsidies.
The drop was very significant, representing the lowest EV market share since early 2022 and a steep decline compared to October 2023 when EVs accounted for over 8% of sales.
The collapse highlights how dependent the electric vehicle market has been on government subsidies to maintain sales levels and market penetration.
The federal $7,500 tax credit for clean vehicles ended on September 30, 2024, immediately before the October sales collapse occurred.
Both car buyers and manufacturers must now navigate a market where electric vehicles must compete on price and quality alone without the support of federal subsidies.
The article specifically mentions Bollinger Innovations, Inc. (OTC: BINI) as one of the EV brands now operating in this new competitive environment without subsidies.
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