Latest EV sales data reveal uncomfortable truth

For years, large archetypal instrumentality manufacturers including Ford, GM, and Stellantis person mislaid billions trying to person Americans to acquisition artillery electrical vehicles.

While advancement has been made, caller governmental developments person the EV manufacture taking 1 measurement guardant and 2 steps back.

• 2025 (through September): More than 1 cardinal units, 10.5% market share

• 2024: 1.3 million, 8.1% marketplace share

• 2023: 1.2 million, 7.8% marketplace share

• 2022: 800k 5.8%, marketplace share
  Source: Cox Automotive

U.S. EV income person had a record-setting 2025, capped disconnected by a record-setting 3rd quarter. However, request was spurred by the expiration of the $7,500 taxation credit, which was eliminated by President Donald Trump's signature budgetary legislation.

Buyers flocked to dealerships to acquisition EVs earlier the taxation recognition expired connected September 31, starring to a grounds marketplace stock of 10.5%.

Despite the bully times, Ford mislaid different $1.4 cardinal connected its Model e EV part successful the 3rd quarter. It mislaid $5.1 cardinal successful 2024 after losing $4.7 cardinal the twelvemonth prior.

Ford expects Model e losses to summation to $5.5 cardinal successful 2025.

GM and Stellantis are besides losing important wealth connected their EV divisions. Each of the Big 3 has scaled backmost accumulation this year, contempt the record-setting income pace.

Consumers purchased 90 antithetic EV models successful the 3rd quarter, but lone 9 sold much than 10,000 units.

Tesla Model Y and Model 3 sold much than 114,000 and 53,000 units, respectively, and the Chevy Equinox sold conscionable nether 25,000.

Related: US car giants springiness car buyers mixed messages astir EV plans

But those 3 models were outliers.

According to Cox Automotive, “the immense bulk of EVs merchantability astatine a complaint of acold little than 2,000 units a month, oregon 6,000 units a quarter. In the volume-driven concern of automotive manufacturing, debased measurement is the enemy; EV profitability remains a distant imagination for astir each automaker.”

Dealers sold 74,835 electrical vehicles successful the U.S. successful October, according to Cox Automotive data, representing a 48.9% year-over-year decrease.

While a astir 50% diminution sounds troublesome, retrieve that buying enactment was exceptionally robust successful September owed to the expiration of the taxation credit.

• Tesla: 40,650

• Chevy: 5,910

• Ford: 4,912

• Cadillac: 4,344

• Hyundai: 2,429
  Source: Cox Automotive

However, the 30% year-over-year diminution is astir arsenic worrisome.

"October marked a crisp reversal for the electrical conveyance (EV) marketplace arsenic the expiration of the national EV taxation recognition cooled request aft 3 months of accelerated sales," said Stephanie Valdez Streaty, manager of manufacture insights for Cox Automotive.