US electric vehicle (EV) sales plunged in October after the federal tax credit for EV purchases expired, according to automakers' monthly figures.
US President Donald Trump scrapped a $7,500 federal tax credit as part of a tax and spending bill that passed in July. The credit ended at the close of September.
Ford reported a 25% drop in EV sales year-on-year to around 4,700 vehicles. In contrast, sales of conventional petrol-powered cars rose 3.4% to around 153,400 units. In recent years, Ford has invested billions of dollars to expand EV production in an effort to catch up with market leader Tesla.
Tesla, after months of decline, reported record sales in the third quarter boosted by the final phase of the US subsidies. The company's net profit however dropped 37% year-on-year to $1.37 billion. The company does not regularly provide US sales data and reports figures only every three months. Analysts expect Tesla to face declining US sales following the end of the subsidies.
Monthly US sales data are not disclosed by all EV manufacturers. South Korean automaker Hyundai said its EV model Ioniq 5 saw a 63% year-on-year drop to around 1,600 units. Kia, Hyundai's sister brand, reported a nearly two-thirds decline in sales of its EV9 model to 666 vehicles.
