Halfpoint Images | Moment | Getty ImagesConsumers 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 salesConsumers 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 parityThe 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 admini …
