Ford, Hyundai, and Kia EV Sales Plummet After Federal Tax Credit Expires

The three automakers each reported more than a 60 percent decline in electric vehicle sales.

Ford Mustang Mach-E is presented at the New York International Auto Show in Manhattan on April 5, 2023. David 'Dee' Delgado/Reuters

Several car makers reported a slump in electric vehicle (EV) sales in the United States in October—the first month without a federal tax credit.

Dearborn, Michigan-based Ford on Nov. 3 reported that its October EV sales plummeted nearly 60 percent from September, to just 4,709 units, while hybrid vehicle sales held steady at 17,498 units.