The sunset of the $7,500 federal tax credit for new electric cars at the end of September took a toll on the auto industry. Many prospective buyers rushed to take advantage of the tax credit before the cutoff date, and as a result, sales figures nosedived in October, the first full month after the incentive’s cancellation.

 

What’s more, some legacy automakers are now reassessing their EV strategies in the United States. With the tax credit out of the picture and hiked import tariffs, companies like Kia and Stellantis have either “delayed until further notice” or straight-up cancelled upcoming battery-powered models.