For many automakers selling electric vehicles in the U.S. this year, the fourth quarter was not a reason for celebration. Tesla's vehicle deliveries were down 16% compared to the fourth quarter of 2024. Rivian's overall sales for the year were also down compared to 2024. For the U.S. market, it isn't hard to find a culprit for this: the Trump administration's decision to end the federal tax credits for EVs.
The effective end of federal fuel-economy standards, combined with the demise of the $7,500 federal tax credit, lowered sales of new EVs in October, following record third-quarter sales that surged as demand pulled forward. As affordability pressures continue to affect the broader car industry, used EVs are emerging as the new bright spot, becoming the fastest-selling used vehicles of any powertrain in the third quarter. Welcome to Critical Materials, your daily round-up of news shaping the world of electric cars and technology.
Hyundai slashed prices for the 2026 Ioniq 5 by up to $9,800 on Wednesday. The cuts make the Ioniq 5 perhaps America's best EV deal. The Ioniq 5 now undercuts the Tesla Model Y by a long shot, while offering better value and specs than other competitors. If you're anything like me, you're kicking yourself for missing out on the $7,500 federal clean-car tax credit, which expired prematurely on Tuesday.
I recently decided, after a variety of things, that I was going to trade in my internal combustion engine (ICE) vehicle for a new Tesla Model Y. It was a long time coming. After working at Teslarati for six years and covering the EV space nearly every single day (I recently published my 5,000th article on here), I figured it was time to make a switch.
