President-elect Donald Trump's threat to end tax credits for electric vehicles spurred a fourth-quarter sales surge, boosting US automakers after a challenging year. Sales of EVs more than doubled at General Motors and jumped 16 percent at Ford. Overall EV sales climbed 12 percent, reaching a record 1.3 million for the year. The increased demand for EVs helped lift total car sales, with the annualized rate for 2024 rising to 15.9 million vehicles. However, this surge is expected to be temporary as potential policy changes under Trump's presidency may make EVs more expensive.
The threat by President-elect Donald Trump to end tax credits for electric vehicles helped lift sales in the fourth quarter, giving US automakers a much-needed boost after a disappointing year.
Stocks of automakers were mixed. EV maker Rivian Automotive Inc., which reported production and deliveries that topped estimates, advanced 24 percent at the close in New York. Ford rose 2.4 percent, and General Motors gained less than 1 percent. Stellantis NV’s US shares fell 2 percent after fourth-quarter sales declined.
“Threats and worries” contributed to a “sense of urgency to buying,” Jonathan Smoke, Cox’s chief economist, said on a December call with reporters. “That’s true in overall purchase activity, and it’s also very much true to the EV story.” Tesla Inc. is still the sales leader in EVs by far, but experienced its first annual sales drop in more than a decade last year despite reporting record fourth-quarter deliveries. Meanwhile, electric compact and mid-size SUVs from GM, Honda, Hyundai and Kia attracted more shoppers in December, according to JD Power. On average, EV buyers got a $5,600 rebate per car with the current tax credit, JD Power figures show.
As for the overall new car market, lower interest rates, rising manufacturer incentives and fading anxiety around the election drew more buyers, prompting analysts to raise full-year sales forecasts. Earlier in the year, inflation and a cyberattack on car dealerships had dimmed the sales outlook for 2024.
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