Latest EV sales data reveal uncomfortable truth

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For years, major original equipment manufacturers including Ford, GM, and Stellantis have lost billions trying to convince Americans to purchase battery electric vehicles.

While progress has been made, recent political developments have the EV industry taking one step forward and two steps back.

U.S. electric vehicle sales by year and market share of new vehicle sales

• 2025 (through September): More than 1 million units, 10.5% market share

• 2024: 1.3 million, 8.1% market share

• 2023: 1.2 million, 7.8% market share

• 2022: 800k 5.8%, market share Source: Cox Automotive

U.S. EV sales have had a record-setting 2025, capped off by a record-setting third quarter. However, demand was spurred by the expiration of the $7,500 tax credit, which was eliminated by President Donald Trump's signature budgetary legislation.

Buyers flocked to dealerships to purchase EVs before the tax credit expired on September 31, leading to a record market share of 10.5%.

Despite the good times, Ford lost another $1.4 billion on its Model e EV division in the third quarter. It lost $5.1 billion in 2024 after losing $4.7 billion the year prior.

Ford expects Model e losses to increase to $5.5 billion in 2025.

GM and Stellantis are also losing significant money on their EV divisions. Each of the Big 3 has scaled back production this year, despite the record-setting sales pace.

U.S. EV sales drop sharply in October

Consumers purchased 90 different EV models in the third quarter, but only nine sold more than 10,000 units.

Tesla Model Y and Model 3 sold more than 114,000 and 53,000 units, respectively, and the Chevy Equinox sold just under 25,000.

Related: US auto giants give car buyers mixed messages about EV plans

But those three models were outliers.

According to Cox Automotive, “the vast majority of EVs sell at a rate of far less than 2,000 units a month, or 6,000 units a quarter. In the volume-driven business of automotive manufacturing, low volume is the enemy; EV profitability remains a distant dream for nearly every automaker.”

Dealers sold 74,835 electric vehicles in the U.S. in October, according to Cox Automotive data, representing a 48.9% year-over-year decrease.

While a nearly 50% decline sounds troublesome, remember that buying activity was exceptionally robust in September due to the expiration of the tax credit.

October sales by EV brand

• Tesla: 40,650

• Chevy: 5,910

• Ford: 4,912

• Cadillac: 4,344

• Hyundai: 2,429 Source: Cox Automotive

However, the 30% year-over-year decline is nearly as worrisome.

"October marked a sharp reversal for the electric vehicle (EV) market as the expiration of the federal EV tax credit cooled demand after three months of accelerated sales," said Stephanie Valdez Streaty, director of industry insights for Cox Automotive.

"Buyers rushed to secure incentives before the deadline, but once it passed, momentum slowed. Inventories climbed quickly, and pricing shifted upward for both new and used EVs, reflecting a market in transition."

Ford, GM say they remain committed to EVs, despite curbing production

Despite actions that may suggest otherwise, Ford and GM claim that they remain committed to EVs and EV production as the long-term future of their companies.

“We do see EVs as being our North Star. The consumer feels or indications that we have really strong EVs, as we’ve seen our market share grow throughout this year. We think we’ve got EVs people want to have,” said GM CEO Mary Barra during the company’s third-quarter earnings call.

General Motors Q3 facts at a glance

• U.S. market share: 17%

• Electric vehicles sold: 67,000

• EV market share: 16.5%

• Dealer inventory: Down 16% year over year

• EV inventory: Down 30% since June Source: General Motors

However, Barra admits that the EV market is murky now that U.S. consumers no longer have the $7,500 federal tax credit to help offset the cost of their purchases.

"It's really going to be into early next year when we're going to know what true EV demand is.... We also are going to stay true to what we've said before that we're going to build to consumer demand. We're not going to overbuild. We're going to maintain that discipline," Barra said.

Meanwhile, Ford CEO Jim Farley is also fully committed to an EV future, but he likewise sees the company having to do a lot of work to get where it wants to be.

“We are in a global competition with China, and it’s not just EVs. And if we lose this, we do not have a future Ford,” Farley said earlier this year at the Aspen Ideas Festival.

Related: Tesla gets an answer for its FSD ambitions in Europe

This story was originally published by TheStreet on Nov 30, 2025, where it first appeared in the Automotive section. Add TheStreet as a Preferred Source by clicking here.