With US President-Elect Trump reportedly planning to cut federal incentives, EV sales are expected to surge in November and December. Right now, major discounts are slashing upwards of $10,000 to $20,000 off some of the most popular EV models, but that could change in 2025.
EV sales are expected to surge with discounts on the line
According to Cox Automotive, “EV sales are expected to surge in November and December” ahead of Trump taking office.
“We may see an increase in electric vehicle (EV) and plug-in hybrid (PHEV) sales over the next few months as buyers move to take advantage of discounts that may disappear in 2025,” Charlie Chesbrough, senior economist at Cox Automotive, said.
A Reuters report earlier this month claimed Trump’s transition team was planning to kill off the $7,500 federal tax credit for clean car buyers.
Chesbrough explained that with fewer discounts on the line, buyers are expected to take advantage of them while they are still being offered, leading to “robust activity through the end of the year.”
In October, EV sales in the US reached a milestone. With another 106,155 units sold last month, over 1 million EVs have now been handed over to buyers.
EV lease deals are adding up
Higher incentives and discounts have helped fuel the growth. In Q3, EV incentives were over 12% of the vehicle’s average transaction price, much higher than the industry average of about 7%.
The $7,500 federal tax credit is the biggest factor behind the discounts. Although the credit is for EV purchases, a loophole enables automakers to pass it on through leasing.
Combined with other offers like loyalty and conquest, lease discounts, and bonus cash, some EV discounts are reaching upwards of $10,000 to even $20,000.
For example, you can score up to $21,150 off the 2024 Acura ZDX luxury SUV with combined discount offers. Ford is also offering up to $17,500 off its F-150 Lightning pickup through an end-of-year promo. A few EVs are even available to lease for under $300 this month.
Lease From
Term (months)
Due at Signing
Effective rate per month (including upfront fees)
2024 Nissan LEAF
$109
36
$2,529
$179
2024 Kia Niro EV
$169
24
$3,999
$336
2024 Kia EV6
$179
24
$3,999
$346
2024 VinFast VF 8
$199
36
$894
$244
2024 Hyundai IONIQ 5
$199
24
$3,999
$366
2024 Honda Prologue
$229
36
$1,299
$259
EVs for lease under $300 per month in November 2024
With the $7,500 credit, the 2025 Chevrolet Equinox EV can be bought for as little as $26,100. GM calls the new electric SUV “America’s most affordable 315+ mile range EV.”
Honda just extended its ultra-low $229 per month lease offer to 17 additional US states after introducing it in California last month. For a nearly $50,000 electric SUV, $229 per month (36 months, 10,000 miles per year) is a pretty good deal.
Ready to take advantage of the savings? The offers won’t last long. You can use our links below to find deals on popular EV models in your area.
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The Escape Solar and Storage project in Lincoln County, Nevada, will send clean power to big resort customers on the Las Vegas Strip.
Reno-based Estuary Power, Escape’s developer, closed a $340 million financing package for the solar and storage project in late December 2024.
Escape includes 185 megawatts (MW) of JinkoSolar PV capacity and 400 megawatt-hours (MWh) of Tesla battery storage capacity.
Escape will supply 115 MW of solar and 400 MWh of battery energy storage to MGM Resorts International, 25 MW to Caesars Entertainment, 20 MW to Wynn Las Vegas, and 25 MW to Overton Power District under long-term agreements.
MGM Resorts International has set a goal to source 100% of its energy from renewables by 2030. Las Vegas resorts are required to comply with Nevada’s Renewable Portfolio Standard (RPS), which aims to increase the percentage of renewable energy to 50% by 2030. However, many resorts have already exceeded the 40% renewable energy requirement set by the state. The Venetian and Sands Expo and Convention Center partnered with NV Energy to procure renewable energy certificates to cover 100% of its electricity use.
Jill Daniel, CEO of majority woman-owned Estuary Power, said, “We look forward to supplying renewable energy to the iconic Las Vegas Strip and to our valued partner Overton Power District. We are thankful for the support of our financing partners in making the Escape project a reality.”
The project is the first utility-scale solar project to be developed in Lincoln County, just north of Las Vegas, where it will generate nearly $80 million in tax revenue for the county over its life span. It’s currently under construction and will begin operating in 2025.
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Aptera has signed a memorandum of understanding with LG Energy Solutions to supply batteries for its solar EV, which it says will start deliveries later this year.
Aptera is at CES this week, showing off it’s production-intent solar EV. We stopped by the booth for a few pictures, but beyond that, there wasn’t a lot new to announce.
But that changed today, as Aptera has now officially announced that it’s partnering with LG Energy Solutions as the exclusive supplier for battery cells for the Aptera solar EV, and CTNS for battery pack assembly.
Aptera said this partnership accomplishes three goals:
Enhance Aptera’s production capacity through a reliable and scalable battery supply chain.
Solidify LG Energy Solution’s market presence as a trusted supplier.
Strengthen CTNS’s reputation as a key manufacturing partner in the U.S. market.
The agreement runs from 2025 to 2031, with LG supplying 2170-format cylindrical cells for battery modules and packs that will be assembled by CTNS and designed by Aptera.
The agreement covers 4.4GWh of battery capacity supply. Given that the Aptera has a 44kWh, 400-mile battery pack (at least at launch, other options might be available at some point), that’s enough for a total of 100,000 vehicles – quite a lofty goal for a rather small company that is relying on crowdfunding and has not yet shipped a car.
“This partnership represents a significant milestone in bringing our solar electric vehicles to market with the reliability and performance our customers expect. LG Energy Solution and CTNS bring unparalleled expertise, and we’re excited to work together to power the future of sustainable transportation.”
-Chris Anthony, Co-CEO of Aptera Motors
LG is one of the largest EV battery cell manufacturers in the world, and the largest outside China. The largest is CATL, but that company has found itself on a US blacklist.
As part of Aptera’s CES announcements, it reaffirmed that it plans to deliver its first vehicles by the end of this year, showed off the production configuration of its solar panels covering the hood, dash, roof and hatch of the vehicle, and said that it drove the car for 20 miles on a Las Vegas winter day and ended up with more charge than it had when it started. You can read more about Aptera’s CES show presence on our previous coverage here.
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The electric Mazda 6 predecessor is headed for Europe this summer. Mazda’s EV starts at around $20,000 in China, but prices are expected to be significantly higher in Europe. Here’s what we know about the Chinese-made EV so far.
When will Mazda launch its $20,000 EV overseas?
Mazda unveiled the EZ-6 at the Beijing Auto Show alongside the Arata SUV last April. The EZ-6 is the all-electric predecessor to the Mazda 6 sedan.
Mazda’s Chinese joint venture, Changan Mazda, has been selling the EZ-6 in China since October. The electric sedan, which starts at just 139,800 yuan, or around $19,200, is already off to a hot sales start.
With nearly 2,500 models sold in November, its first sales month, Changan Mazda said the EZ-6 was among the top three mid-size new energy vehicle (NEV) sedans of joint ventures sold in China. According to Nikkei, Mazda will export the $20,000 EV to Europe starting this summer.
Based on Changan Auto’s hybrid platform, the EX-6 is available in EV and extended-range configurations in China. The all-electric version has a CLTC range of up to 600 km (372 miles).
The electric Mazda EZ-6 is 4,921 mm long, 1,890 mm wide, and 1,485 mm tall with a wheelbase of 2,895 mm, or about the size of a Tesla Model 3 (4,720 mm long, 1,922 mm wide, and 1,441 mm tall with a 2,875 mm wheelbase).
Inside, the EZ-6 has a modern cabin setup with 14.6″ infotainment and 10.1″ driver display screens. It also includes premium features like a 50″ AR head-up display and zero-gravity reclining seats.
The imported model will feature improved stability and control for high-speed driving on European roads. Mazda will showcase the updated EZ-6 at the Brussels Motor Show, which kicks off on Friday.
Like many automakers, Mazda is looking to meet the EU’s Zero Emission Vehicle (ZEV) mandates and avoid heavy fines. However, after the EU increased tariffs on Chinese EV imports to as much as 45.3%, Mazda will still have to pay the price.
China’s SAIC was hit the hardest with an extra 35.3% duty, while Geely (18.8%) and BYD (17%) were at the lower end. Other cooperating companies are subject to a 20.7% tariff, while non-cooperating automakers will have a duty of 35.3%.
Earlier this week, we learned Mazda will build a new module battery plant in Japan to supply its first dedicated EV. Although no details were revealed about the dedicated EV, Mazda said it will be powered by a new electric vehicle platform. The company aims to launch the new platform in 2027. Stay tuned for more.
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