EV sales surge in final days of tax credit incentive

Group 1 - Auto dealers are experiencing a surge in EV sales due to the impending expiration of the $7,500 federal EV tax credit [1] - Cox Automotive estimates that EV sales will exceed 400,000 units in Q3, representing a 30% increase from Q2 and a 21% increase from Q3 of the previous year [2] - Tesla continues to dominate the EV market in the US, with expectations that it will maintain its leadership position despite potential fluctuations in market share [3] Group 2 - Legacy automakers like GM and Ford still primarily sell internal combustion engine vehicles, which are projected to account for 71% of total sales, marking a record low for ICE models [4] - Overall auto sales are expected to rise above 4.7% in Q3, driven by increased demand for EVs [5] - Tesla's global deliveries for Q3 are anticipated to be around 450,000 vehicles, reflecting a 1% decline compared to Q3 of the previous year [6]