Surprise, Surprise: EV Sales Soared in Q3 Ahead of Ending Incentives

Ford, General Motors, and Hyundai reported the biggest gains over last year.

It's now October, which means the US federal incentives for electric and plug-in hybrid cars are now gone. Q3 also wrapped up, and as most automakers begin releasing their quarterly sales figures, a trend has become clear: people bought up a lot more EVs ahead of the program's end.

Both Ford and General Motors saw overall sales increase roughly 8-percent year-over-year, with big gains on the electrified side. The Mustang Mach-E saw its best single quarter since launching four years ago, with 20,177 units representing a 50.7-percent increase over Q3 2024. The Blue Oval reported an EV sales increase of a little over 30-percent, backed by 10,005 F-150 Lightnings.

The story at General Motors was even better, as the brand has many more electric models spread across multiple brands. GM reported EV sales more than doubling over last year, with a combination of volume increases and new launches. The Chevrolet Equinox EV remains the best-selling non-Tesla EV on the market, and scored a massive 156.7-percent increase YoY at 25,085 units. Cadillac's Optiq, Lyriq, and Vistiq all occupy the luxury EV top 10, and pulled in 16,119 sales between them—and the Lyriq was Cadillac's second-best selling model, behind the Escalade. Even the Silverado EV moved 3,940 units, nearly doubling its 2024 Q3 tally—though still representing about 4.5-percent of the volume of the gas-powered Silverado 1500.

“No one is in a stronger position for a changing U.S. market than GM,” said Duncan Aldred, GM senior VP and president of North America. “We have the best lineup of ICE and EV vehicles we’ve ever had. Our brands have grown market share with consistently strong pricing, and low incentives and inventory.”

Over at Hyundai, the Ioniq 5 posted a 90-percent increase over Q3 2024, shifting 21,999 units from July through September this year. The brand's new Ioniq 9 three-row had its first full quarter as well, contributing 3,164 units. Like GM, Hyundai saw a doubling of EV sales through Q3, and a 153-percent increase in September. While the incentive program is disappearing, the brand has also announced major price cuts on the Ioniq 5 to effectively replace it—if not outright save buyers more.

"While the $7,500 EV credit has expired, our electrification strategy has always extended beyond incentives," said Randy Parker, president and CEO of Hyundai Motor North America. "We invested in EV innovation well before the IRA and remain steadfast in our commitment to affordability, quality, and customer care."

Sales forecasters predict a slump in EV sales now that the incentives have dried up. We'll see what Q4 looks like.

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