Are you undecided about buying an electric vehicle? Well, don’t miss out on the federal tax credit before it’s history. Three automakers are benefiting from increased sales as the clock ticks down on that $7,500 incentive. 

Three automakers benefit from increased EV sales 

The $7,500 federal tax credit for buying an electric vehicle will officially end on September 30, 2025. Then poof, that massive EV incentive will be history. 

Some states will continue providing tax credits until funds run out. However, they’re much lower than $7,500. For example, Maine offers $2,500. 

This has started a fire under some drivers, pressuring them to get the best electric vehicle deal possible before prices increase. 

Electric Ford models have benefited from a year-over-year sales increase of 20%. The Ford Mustang Mach-E and Ford F-150 Lightning have ballooned to about 10,671 units per month. 

Kia has also enjoyed increased sales. The Kia EV9 has a 54% sales increase over last month, with 2,679 units sold. 

According to Index Box, the smaller Niro EV has experienced sales increases of 39% and 57%. Kia has had increasing electric vehicle sales for the past four consecutive months. 

Hyundai is the third automaker with booming electric car success. Its total sales increased by 12.0% compared to last month.

Electric vehicles are responsible for 32% of the total sales volume. Sales for one of my favorite electric SUVs, the Hyundai Ioniq 5, increased by 60%. 

However, will this boom bust as tariffs lead to increased costs and the federal incentive ends? The vehicles built in places like Korea and Mexico could get even more expensive.