CleanTechnica•4 days ago
Loss of EV Tax Credit Hit Hyundai & Kia Hard in October
Key Takeaway
The sudden impact of EV tax credit changes on consumer demand highlights policy's critical role in shaping transportation electrification rates and future electricity load growth.
AI Summary
- •The expiration of the $7,500 US EV tax credit led to a significant drop in October EV sales for Hyundai and Kia, following a rush to purchase in Q3.
- •This demonstrates strong consumer price sensitivity to EV incentives, directly impacting the pace of transportation electrification.
- •Policy changes, such as the availability or disappearance of tax credits, can cause substantial volatility in EV adoption rates.
- •For developers and large power consumers, this volatility affects long-term electricity demand forecasts and planning for grid infrastructure and generation capacity to support the transportation sector.
Topics
policyiraoememissionsfinancing
Article Content
There will be no surprise here. People in the US rushed to buy electric cars in the 3rd quarter before the $7,500 US EV tax credit was disappeared, and that means there were a lot fewer people on the market to buy an electric car in October. That’s just how ... [continued] The post Loss of EV Tax Credit Hit Hyundai & Kia Hard in October appeared first on CleanTechnica .