Tesla's Battery Sales Surge 80% as U.S. EV Sales Spike Before Tax Credit Ends
Tesla's sales of large batteries surged over 80% in the third quarter, while U.S. electric vehicle (EV) sales saw a sharp increase from other automakers. Meanwhile, President Trump's signing of a law in July, ending the federal tax credit for EV purchases from September 30, has led to a rush in sales before the deadline.
Tesla, the leading EV manufacturer, delivered 497,000 vehicles worldwide in the third quarter, a 7% increase from the previous year. Notably, its sales of large batteries, which utilities use to stabilize solar and wind energy, rose by more than 80%. U.S. car buyers rushed to claim the federal tax credit of up to $7,500 before it expired at the end of September.
Other automakers also reported significant jumps in U.S. EV sales during the third quarter. Ford sold 545,522 vehicles, General Motors sold 710,347 vehicles, and Hyundai sold 239,069 vehicles, with EV sales contributing to these totals. However, analysts and industry executives anticipate a sales slump in coming months due to the end of tax credits and other incentives.
Tesla's focus on battery sales and its recent delivery figures indicate a strong quarter despite the looming end of tax credits. However, the industry braces for a potential slowdown in EV sales in the coming months as incentives phase out.
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