6 sources·Business

Electric Vehicle Buyers Urged to Act Quickly Before Possible Tax Credit Changes

As EV sales slow, buyers are encouraged to purchase before potential Republican-led tax reforms eliminate tax credits for electric vehicles.

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Updated: Nov 20th, 2024, 10:31 PM ET

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Amid concerns that the Biden-era EV tax credit may be eliminated under a Republican-led Congress, prospective buyers are advised to purchase electric vehicles now. The new Hyundai Ioniq 9 electric SUV, targeted at families, was unveiled at the Los Angeles Auto Show. Although U.S. EV sales are up 7.2% year-to-date, growth has slowed due to market saturation and range anxiety. Automakers plan to introduce 15 new models, increasing consumer options. The $7,500 EV tax credit remains uncertain as political changes loom, influencing buying decisions as the market evolves.

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