The US electric vehicle market experienced a significant downturn in October following the expiration of federal tax credits worth up to $7,500. Ford reported a 25% year-over-year decline in all-electric sales, while Hyundai, Kia, Toyota, and Honda also saw steep declines. Ford’s CEO suggested that the EV market share could fall to around 5% from the 10-12% recorded in September. However, hybrid sales have seen an increase, with Hyundai reporting a 41% year-over-year rise in hybrid sales. The sudden drop in EV sales highlights the significant role government incentives play in driving EV adoption.
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