EV sales soar as Trump axes $7,500 tax credit: ‘People are rushing out’ to buy, analyst says

Consumers are racing to buy electric vehicles before a fast-approaching deadline to claim tax credits worth up to $7,500, according to auto analysts.

Legislation championed by Republicans on Capitol Hill and signed by President Donald Trump in July eliminates the tax breaks — available for new, used and leased EVs — after Sept. 30.

The Biden-era Inflation Reduction Act had originally offered the tax breaks to consumers through 2032.

“We’re expecting Q3 may be [a] record for EV sales because of...