Electric vehicle sales in the United States took a sharp hit in October. Experts had warned that this would happen, and the numbers show they were right. The end of the federal $7,500 tax credit for clean vehicles on September 30 caused the market to shift almost immediately. In September, electric vehicles made up over 12% of U.S. car sales, but in October, that number fell to just around 5%. This is the lowest share since early 2022 and a steep drop compared to October 2024, when EVs accounted for over 8% of sales.
The October sales collapse highlights how dependent the EV market has been on subsidies. As the industry adjusts to this new reality, car buyers and manufacturers alike are learning to navigate a market where electric vehicles must compete on price and quality alone. This is the new reality for EV brands like Bollinger Innovations, Inc. (OTC: BINI)…
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