Are EV sales hitting records or in retreat? Here’s what’s actually going on

Between July and September, electric vehicle sales in the U.S. hit a record high. Americans bought more than 430,000 EVs, up 40% from the previous quarter, as they race to qualify for federal tax credits before they expire.

That EV boom wasn’t just limited to the U.S., though: Global EV sales hit an all-time high of 2.1 million in September. Two-thirds of those sales were in China, the world’s largest EV market.

And yet, there’s still talk of an “EV retreat,” both in the U.S. and abroad. Automakers have expressed concerns about their EV profits, and policymakers in Canada and the European Union are pausing, or adjusting, their EV mandates.

There’s an “inherent duality of the market moment we’re in,” says Corey Cantor, research director of the Zero Emissions Transportation Association. “