Electric vehicle sales fell sharply in October, a stark reversal from September’s surge in buying activity as shoppers rushed to claim the $7,500 federal tax credit before its expiration. With that incentive gone, early sales figures from automakers show significant month-over-month declines across much of the EV market.
Korean Automakers See the Steepest Declines
Hyundai, Kia, and Genesis were among the hardest hit. The Hyundai Ioniq 5, previously one of the best-selling EVs in the U.S., fell 63% year-over-year to 1,642 units. Kia’s EV6 dropped 71% to just 508 sales, while the Genesis GV60 fell 54% to 93 deliveries.
Broader Declines Across Hyundai’s Lineup
The rest of Hyundai’s EV lineup saw similar drops. The Ioniq 6 fell 52% to 398 units, and the Ioniq 9, which had previously been selling more than 1,000 units monthly, dropped to just 317 in October. Kia’s EV9 fell 66% to 666 units, while the Genesis Electrified GV70 dropped to 15 sales, down from 154 a year earlier.
Honda and Ford Also Affected
Honda’s EV lineup faced its own struggles. The Acura ZDX has already been discontinued, leaving the Honda Prologue as the brand’s primary EV, which saw sales fall 81% to 806 units with no confirmed 2026 model announced yet. Ford’s EV lineup held up somewhat better in comparison: the Mustang Mach-E fell 12% to 2,906 units, the F-150 Lightning dropped 17% to 1,543 units, and the E-Transit van saw a steeper 76% decline to 260 sales.
An Incomplete Picture
The full scope of the slowdown remains unclear, since major EV sellers like Tesla and Rivian don’t release detailed model-level sales breakdowns, and some automakers report sales quarterly rather than monthly. Still, with several of the year’s best-selling EVs posting sharp October declines, the numbers suggest that removing the federal tax incentive has had a meaningful impact on demand. Whether this proves to be a temporary dip or the start of a longer slowdown should become clearer as year-end sales figures are reported.