EV Sales Expected to Drop 43% in October Due to Absence of Tax Credit: TDS
Tesla Cybertruck electric vehicles are seen parked in a storage lot in San Diego, California on April 11, 2025. Patrick T. Fallon/AFP via Getty Images
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I’m currently in Japan, where it’s dinner time in the future, so let’s get started.
🚘 What I'm driving: Nothing at the moment. I’m in Japan and used a Toyota van earlier today in Tokyo.
📉 J.D. Power anticipates that the EV market share will decrease from 8.5% to 5.2% year-over-year, predicting that October sales will drop 43% year-over-year due to the end of the EV tax credit at the end of September; this situation has been described as a market "recalibration," although gasoline and hybrid vehicles have gained market share thus far in October.
😭 Tesla’s Board Chair, Robyn Denholm, mentioned that Elon Musk might depart from the company if he is not granted his $1 trillion compensation package.
🚙 Kia has teased the sportier EV4 GT as the performance edition of the electric hatchback that will soon be available in the U.S. market.
🚢 Reports suggest that Japan may begin importing some vehicles made in the U.S. by both Toyota and Nissan.
🔋 Nissan has declared that it is on track to begin producing solid-state batteries by 2028, which would allow for increased range, enhanced performance, quicker charging, and reduced range loss in colder climates.
❌ GM has laid off 325 workers from its IT center in Georgia as it shuts down operations there, along with terminating over 200 salaried employees in Detroit, all following a stock surge due to better-than-anticipated earnings.
⏭️ It appears the Kia Telluride will bypass the 2026 model year entirely as the second generation of the vehicle is set to launch for 2027.
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EV Sales Expected to Drop 43% in October Due to Absence of Tax Credit: TDS
A process of "recalibrating" the market is in progress.