Latest news with #Najman
NBC News
09-08-2025
- Automotive
- NBC News
EV sales soar as Trump axes $7,500 tax credit: 'People are rushing out' to buy, analyst says
Consumers are racing to buy electric vehicles before a fast-approaching deadline to claim tax credits worth up to $7,500, according to auto analysts. Legislation championed by Republicans on Capitol Hill and signed by President Donald Trump in July eliminates the tax breaks — available for new, used and leased EVs — after Sept. 30. The Biden-era Inflation Reduction Act had originally offered the tax breaks to consumers through 2032. 'We're expecting Q3 may be [a] record for EV sales because of the tax incentives going away,' said Stephanie Valdez Streaty, a senior analyst at Cox Automotive. 'People are rushing out' to buy, she said. 'Significant volume' of EV sales Consumers purchased nearly 130,100 new EVs in July, the second-highest monthly sales tally on record, behind roughly 136,000 sold in December, according to Cox Automotive data. The July figures represent a 26.4% increase from June and nearly 20% increase year-over-year, Streaty said. The share of EV sales in July also accounted for about 9.1% of total sales of passenger vehicles that month, the largest monthly share on record, according to Cox. 'We're seeing significant volume in new EVs,' said Liz Najman, director of market insights at Recurrent, an EV marketplace and data provider. Meanwhile, there were nearly 36,700 used EVs sold in July, a record monthly high, Cox data shows. Specific EV models — the Chevy Equinox EV, Honda Prologue and Hyundai IONIQ 5 — also saw record-breaking sales last month, Najman said. There were 8,500 Equinox EVs sold in July, the highest monthly EV total in the U.S. for any model outside of Tesla, which is the market leader, Najman said. (This comes as Tesla's sales have declined for two consecutive quarters, by about 12% year-over-year in Q2 and 9% in Q1, according to Cox data.) $7,500 tax credit puts EVs near price parity The tax credits — worth up to $7,500 for new EVs and $4,000 for used EVs — aim to make EV purchases more financially enticing for consumers. The EV tax breaks were one of many policies the Biden administration adopted to try try to cut U.S. greenhouse gas emissions. The transportation sector is the largest source of U.S. greenhouse gas emissions. EVs are 'unambiguously better' for the environment than traditional cars with an internal combustion engine, according to the Massachusetts Institute of Technology. However, while EVs tend to be cheaper over the lifecycle of car ownership relative to traditional gasoline vehicles, they generally carry a higher upfront cost, analysts said. The average transaction price for all new passenger vehicles (aside from battery electric vehicles) in July was $48,078, according to Cox data. The average for new EVs was $55,689, before any dealer incentives and tax credits, Cox said. If the purchase were to qualify for the full $7,500 tax credit, it'd be near price parity, around $48,189. The price gap between EV and gasoline cars 'no longer exists,' Tom Libby, an analyst at S&P Global, wrote in July. The disappearance of the federal tax credits 'jeopardizes' price competitiveness, he wrote. States and utilities may offer additional financial incentives for EVs, depending on where consumers live, analysts said. EV dealers boost incentives Dealers are also seeking to capitalize on the upcoming Sept. 30 deadline, stoking a sense of consumer urgency to boost sales, analysts said. ″$7,500 Federal Tax Credit Ending,' was in bold lettering at the top of Tesla's home page as of early afternoon Friday. 'Limited Inventory — Take Delivery Now,' the automaker wrote underneath. Sept. 30 is the date by which consumers must take ownership of the car (essentially, be driving it off the lot) to qualify for an EV tax credit. Beyond the tax breaks, dealers are also offering relatively generous financial benefits to entice consumers. They provided about $9,800 of additional financial incentives, on average, to new-EV buyers in July, worth about 17.5% of the average transaction price, Cox data shows. That share is the highest percentage dating to October 2017, which was before the 'new era of EV adoption' when monthly sales volume was quite low, Streaty said. EV sales are likely to 'collapse' in the fourth quarter of 2025, once the tax credit expires and the market adjusts to a new financial reality, she said. Used EVs are likely to be a bright spot in the near term, analysts said. Growth has been accelerating, and most buyers today already don't qualify for the $4,000 tax break. ″[A]pproximately one-third of used EVs qualified for the incentive anyway,' Cox Automotive wrote last month. 'With availability growing and incentives for new EVs expected to fall, the used EV market may grow faster in the quarters ahead.'
CNBC
08-08-2025
- Automotive
- CNBC
EV sales soar as Trump axes $7,500 tax credit: 'People are rushing out' to buy, analyst says
Consumers are racing to buy electric vehicles before a fast-approaching deadline to claim tax credits worth up to $7,500, according to auto analysts. Legislation championed by Republicans on Capitol Hill and signed by President Donald Trump in July eliminates the tax breaks — available for new, used and leased EVs — after Sept. 30. The Biden-era Inflation Reduction Act had originally offered the tax breaks to consumers through 2032. "We're expecting Q3 may be [a] record for EV sales because of the tax incentives going away," said Stephanie Valdez Streaty, a senior analyst at Cox Automotive. "People are rushing out" to buy, she said. Consumers purchased nearly 130,100 new EVs in July, the second-highest monthly sales tally on record, behind roughly 136,000 sold in December, according to Cox Automotive data. The July figures represent a 26.4% increase from June and nearly 20% increase year-over-year, Streaty said. The share of EV sales in July also accounted for about 9.1% of total sales of passenger vehicles that month, the largest monthly share on record, according to Cox. "We're seeing significant volume in new EVs," said Liz Najman, director of market insights at Recurrent, an EV marketplace and data provider. Meanwhile, there were nearly 36,700 used EVs sold in July, a record monthly high, Cox data shows. Specific EV models — the Chevy Equinox EV, Honda Prologue and Hyundai IONIQ 5 — also saw record-breaking sales last month, Najman said. There were 8,500 Equinox EVs sold in July, the highest monthly EV total in the U.S. for any model outside of Tesla, which is the market leader, Najman said. (This comes as Tesla's sales have declined for two consecutive quarters, by about 12% year-over-year in Q2 and 9% in Q1, according to Cox data.) The tax credits — worth up to $7,500 for new EVs and $4,000 for used EVs — aim to make EV purchases more financially enticing for consumers. The EV tax breaks were one of many policies the Biden administration adopted to try try to cut U.S. greenhouse gas emissions. The transportation sector is the largest source of U.S. greenhouse gas emissions. More from Personal Finance:Trump tariffs make investing 'tricky'Imposter scams cost older adults $700 million in 2024What private assets in 401(k) plans mean for investors EVs are "unambiguously better" for the environment than traditional cars with an internal combustion engine, according to the Massachusetts Institute of Technology. However, while EVs tend to be cheaper over the lifecycle of car ownership relative to traditional gasoline vehicles, they generally carry a higher upfront cost, analysts said. The average transaction price for all new passenger vehicles (aside from battery electric vehicles) in July was $48,078, according to Cox data. The average for new EVs was $55,689, before any dealer incentives and tax credits, Cox said. If the purchase were to qualify for the full $7,500 tax credit, it'd be near price parity, around $48,189. The price gap between EV and gasoline cars "no longer exists," Tom Libby, an analyst at S&P Global, wrote in July. The disappearance of the federal tax credits "jeopardizes" price competitiveness, he wrote. States and utilities may offer additional financial incentives for EVs, depending on where consumers live, analysts said. Dealers are also seeking to capitalize on the upcoming Sept. 30 deadline, stoking a sense of consumer urgency to boost sales, analysts said. "$7,500 Federal Tax Credit Ending," was in bold lettering at the top of Tesla's home page as of early afternoon Friday. "Limited Inventory — Take Delivery Now," the automaker wrote underneath. Sept. 30 is the date by which consumers must take ownership of the car (essentially, be driving it off the lot) to qualify for an EV tax credit. Beyond the tax breaks, dealers are also offering relatively generous financial benefits to entice consumers. They provided about $9,800 of additional financial incentives, on average, to new-EV buyers in July, worth about 17.5% of the average transaction price, Cox data shows. That share is the highest percentage dating to October 2017, which was before the "new era of EV adoption" when monthly sales volume was quite low, Streaty said. EV sales are likely to "collapse" in the fourth quarter of 2025, once the tax credit expires and the market adjusts to a new financial reality, she said. Used EVs are likely to be a bright spot in the near term, analysts said. Growth has been accelerating, and most buyers today already don't qualify for the $4,000 tax break. "[A]pproximately one-third of used EVs qualified for the incentive anyway," Cox Automotive wrote last month. "With availability growing and incentives for new EVs expected to fall, the used EV market may grow faster in the quarters ahead."
CNET
19-05-2025
- Automotive
- CNET
Kia Electric Truck: What We Know So Far About the New Pickup EV
While last year's plucky Tasman truck from Kia had a polarizing design, it was still considered a success. Now, Kia is celebrating by releasing a second pickup truck: an electric vehicle that, unlike the Tasman, will be coming to North America. "Kia plans to introduce an EV pickup truck based on a new EV platform designed for both urban and outdoor use," the company said in April. "The vehicle will feature best-in-class interior and cargo space, a robust towing system, off-road capabilities and advanced infotainment and safety features." Details right now are fairly slim but some conclusions can be drawn from Kia's statements: The inclusion of off-road capabilities will set the upcoming EV apart from the Hyundai Santa Fe, which is currently the only pickup truck Kia or its sister company sells in the US right now. It'll be on a new EV platform so it'll also be set apart from the company's existing EV offerings, like the Kia EV6. The infotainment will likely be similar to current model Kia EVs and vehicles, like the dual-display technology in the more recent Kia Sportage SUVs. Kia last week also showcased its more affordable EV sedan, with CNET on hand to see the 2026 Kia EV4. Kia electric pickup truck: Will this EV succeed in the US? Per the statement, Kia is expecting to sell roughly 90,000 of these new EV pickups per year, a lofty goal in a market where the Ford F-150 Lightning is barely hitting 30,000 units sold. By most accounts, it's an ambitious sales goal to hit for a vehicle that'll represent Kia's first attempt at appeasing the US truck buyer market. However, there is still room for optimism. "The models built on the eGMP line sold over 100K units in 2024," said Liz Najman, director of market insights at Recurrent, a company that offers independent insights on EV performance. "Moreover, like the EV6, Kia pickups will likely be made in the US, helping avoid costly tariffs that will drive up prices for consumers. It is likely that price will be a major factor for consumers in the coming years." Najman also said that trucks were the two top-selling vehicles in 2024, so it's possible that Kia can reach its sales goals, provided that the automaker can hit that sweet spot of competitive pricing and capability. "Electric vehicles are seeing strong sales numbers when they deliver on what customers want," Najman said, highlighting that in electric car sales, the Ford Mustang Mach-E and the Jeep Wrangler PHEV each sold more than 50,000 units in 2024 and the Model 3 and the Model Y sold more than 150,000 and 370,000 units, respectively.
Yahoo
25-04-2025
- Automotive
- Yahoo
Kia Electric Pickup Truck: What We Know So Far About the New EV
Kia announced the plucky Kia Tasman last year and, despite its polarizing design, the automaker considers it a success. And Kia is celebrating by releasing a second pickup: an electric vehicle that, unlike the Tasman, is coming to North America. "Kia plans to introduce an EV pickup truck based on a new EV platform designed for both urban and outdoor use," the company said in a statement earlier in April. "The vehicle will feature best-in-class interior and cargo space, a robust towing system, off-road capabilities and advanced infotainment and safety features." Details right now are fairly slim, but some conclusions can be drawn from Kia's statements: The inclusion of off-road capabilities will set the upcoming EV apart from the Hyundai Santa Fe, which is currently the only pickup truck Kia or its sister company sells in the US right now. It'll be on a new EV platform, so it'll also be set apart from the company's existing EV offerings, like the Kia EV6. The infotainment will likely be similar to current model Kia EVs and vehicles, like the dual-display technology in the more recent Kia Sportage SUVs. Kia last week also showcased its more affordable EV sedan, with CNET on hand to see the 2026 Kia EV4. Per the press release, Kia is expecting to sell roughly 90,000 of these new EV pickups per year, a lofty goal in a market where the Ford F-150 Lightning is barely hitting 30,000 units sold. By most accounts, it's an ambitious sales goal to hit for a vehicle that'll represent Kia's first attempt at appeasing the US truck buyer market. However, there is still room for optimism. "The models built on the eGMP line sold over 100K units in 2024," said Liz Najman, director of market insights at Recurrent, a company that offers independent insights on EV performance. "Moreover, like the EV6, Kia pickups will likely be made in the US, helping avoid costly tariffs that will drive up prices for consumers. It is likely that price will be a major factor for consumers in the coming years." Najman also said that trucks were the two top-selling vehicles in 2024, so it's possible that Kia can reach its sales goals, provided that the automaker can hit that sweet spot of competitive pricing and capability. "When you look at electric car sales, both the Ford Mustang Mach-E and the Jeep Wrangler PHEV sold over 50K units in 2024, and of course the Model 3 and the Model Y sold 150K+ and 370K+ units," Najman said. "Electric vehicles are seeing strong sales numbers when they deliver on what customers want."
