Newly-released sales figures from the United States is starting to reveal just how much electric vehicle demand leaned on the federal EV tax credit that was discarded on September 30 last year. With that incentive now gone, the early numbers suggest the market is already feeling the adjustment, and it has not been a subtle one.
Data from S&P Global Mobility shared by Auto News show that 59,802 new EVs were registered in January, a massive 41 percent drop from a year earlier.
Honda’s move to pull back on its EV plans, as well as to write down the value of some of its operations in China, may cost as much as $15.7 billion, while the company also said it will report its first annual loss in nearly 70 years.