One of the biggest policy stories shaping the electric vehicle (EV) industry has been the expiration of the U.S. EV tax credit. This incentive, which offered up to $7,500 for new EVs and up to $4,000 for used EVs, was an extremely powerful consumer lever in driving personal EV adoption, helping thousands of drivers go electric. But its end does not signal a shift in the global drive toward zero-emission transportation. The expected “market reset” that analysts predict will likely result in a temporary dip in sales in the fourth quarter of this year. We, as industry leaders, should expect naysayers to call these lower sales months a testament to EVs’ novelty, ignoring the fact that this is how every growing industry evolves: periods of rapid growth, correction, and renewed momentum.

When the tax credit expired at the end of the third quarter, EV sales reached a record high of 438,487 units sold in the U.S., up 8.6% from last year, demonstrating real consumer enthusiasm for the technology. And the message is clear: even as the incentives shift, the EV revolution isn’t going away, it’s maturing. We must be prepared for the natural ebb and flow of the market after such an effective sales tool is lost. However, this shouldn’t be mistaken for a collapse. As Andrew Beckford wrote in Motor Trend, “The EV revolution is coming. Love it or hate it, every major automaker is making major plans to electrify half—or more—of their vehicle lineups by 2030.”

Because even as U.S. incentives wind down, the value of EV ownership remains clear. EV drivers consistently cite lower fuel and maintenance costs, a smoother, quieter ride, and the satisfaction of cutting pollution as top reasons for making the switch. Electricity rates are set locally and are more stable than gas, with many utilities offering discounted overnight charging rates. EV owners often save hundreds, sometimes even thousands, of dollars annually with all these savings combined. Plus, as charging networks expand, batteries continue to decrease in cost, and new models arrive with longer ranges – with averages hitting about 300 miles – and faster charging, owning an EV is more convenient than ever.

In other parts of the world, EV adoption continues to accelerate. Europe, China, and South Korea are all pushing forward with major manufacturing and infrastructure investments, betting their economic futures on electrification. In 2024, China accounted for over half of all global EV sales, while Europe’s adoption rate now exceeds 20% of new vehicles. Other nations have shown that when governments combine incentives with education and infrastructure, adoption accelerates.

The record sales from the tax credit mean more people will get curious about EVs. When people see EVs in their neighbor’s driveway, a new charging hub in their town, or an electric rideshare on the road, it normalizes the idea of owning one. That kind of visibility, paired with clear, trusted information, transforms EVs from a novelty into an everyday choice.

In the U.S., there are still plenty of ways to save on an EV. State and local rebates, manufacturer discounts, and dealership incentives continue to make EVs more affordable than many think. To explore what savings are available in your area, visit Veloz’s Electric For All incentive tool to find incentives by ZIP code.

Veloz is further empowering EV-curious consumers to make an informed choice with fact-based, accessible resources that demystify EV ownership and highlight real-world benefits. The Electric For All —The Way Forward is Electric campaign just launched three new tools to make EV information more personal, transparent, and accessible than ever before:

• Annual Gas & Maintenance Savings Calculator: Using highly precise data modeling, the interactive calculator forecasts an individual’s potential fuel and maintenance savings from switching to an EV, based on key real-life variables. This includes the estimated miles consumers drive in a year, their type of car preference, and the cost of gas where they live. It also distinguishes between home and public charging costs, so every estimate reflects an individual’s actual driving experience.
• Used EV Finder: Drivers can enter their zip code in this user-friendly tool to instantly shop and compare used EVs available within a specific budget and geographic location on their device of choice. Already, thousands of EV-curious consumers have accessed the finder looking for a used EV, indicating continued interest.
• EV Chat: This AI-powered assistant offers personalized conversations and answers questions about EVs, including topics from budget needs to addressing real-world concerns on what it is like to own an EV in your location.

The Used EV Finder will be especially valuable when all these new EV drivers eventually choose to buy or lease another one, growing the market for even more affordable pre-owned vehicles. Since the average lease is 24–36 months, a wave of budget-friendly off-lease vehicles will hit the market in the not-too-distant future.

Veloz will continue tracking market data, spotlighting success stories, and doubling down on the programs that will move us forward, faster. Sign up here to get the latest news, invitations to events, and announcements on the road to electrified transportation.