In the Second Month Since EV Incentives Ended, U.S. Market Electric Vehicle Sales Continue to Plunge Strait Off a Cliff, Thelma and Louise Style

Sometimes the news is easy to predict. All but the EV-advocates hitting the Kool-Aid the hardest knew and predicted that after the federal “free money” EV tax incentives ended in September, the already-soft EV market in America would fall like a house of cards. We now have a second month of data from some limited EV makers to peruse, and the news is what we expected - a total bloodbath. Let’s examine the data we do have and then see what we can conclude from it. Lest we not emphasize this enough, almost every sane automotive expert predicted EV sales would collapse in Q4, and we are not pretending otherwise. If you don’t see a brand on this list, it is because that brand does not post monthly delivery numbers.

Hyundai - EV Sales Plunge
Hyundai makes fabulous EVs. The Ioniq 5 is my personal favorite EV overall, and it’s a fantastic vehicle even if we were to set aside its amazing powertrain. Still, this is a report about data, so here we go.

The Ioniq 5, Hyundai’s top-selling EV, plunged by 59%. Just over 2,000 units sold. The Ioniq 6 was down 56% and deliveries were less than 500 units. The Ioniq 9 continues to be an ultra-low-volume model. Hyundai delivered only 315 units.

Kia - EV Sales Plunge
We root for Kia and love literally every model the company builds. Kia reports that it had a fantastic month in November, except for the EV part. Kia sold one-third the number of EV6 cars and less than half the number of EV9s. The brand’s total EV deliveries in November were 1,521 units, excluding any Niro EVs, which Kia does not even bother to report. Year to date, overall sales for Kia are up 7%, but EVs are way behind 2024’s year-to-date numbers.

Honda - Out of the EV Business?
We all loved to report on the big numbers that Honda posted when the Prologue EV first launched. Now it’s dead. Down by 86% and under 1,000 units. The Acura XDZ is also just about finished, with only 22 units finding buyers (lessees) in November. Down 94%. Honda’s brief but glorious moment in the EV business seems to be coming to a close.

Ford - This News Upset Us Most
If you follow my work at Torque News, you know that I enjoyed reporting last month that the Mustang Mach-E did rather well. It was the only EV that did so, and that was notable. The Mach-E is a great car, and a performance bargain. Sadly, this month, the Mustang Mach-E went off the same cliff that all the other EVs did. Down by 49%. Just 3,014 units. The Mach-E is still up year to date, so let’s cling to that bit of positive info.

The Ford F-150 Lightning is headed for retirement as far as we can tell (and the Wall Street Journal says that may soon be confirmed). Deliveries were down by 72% in November, and the Lightning is down for the year to date. Just 1,006 units were delivered.

Subaru - Better Late Than Never?
As a member of a six-vehicle Subaru family who just bought a Crosstrek Wilderness last April, I can tell you that the Solterra EV never fit into the Subaru line. Like the BRZ and WRX, it is simply out of place in the showroom where die-hard Subaru owners come to buy new symmetrical all-wheel-drive-equipped and boxer-engine-powered crossover SUVs. Sales plunged by 78% in November, and the model is also down for the year to date. Only 232 units were delivered, likely on give-away lease deals that would make a finance manager blush.

Subaru has two new EVs coming, but we have not seen them in person yet. The EV-advocacy media is reporting that the new EVs are “much better than the prior Solterra.” We wish Subaru good fortune in the battles to come with Model Y, Ioniq 5, and Mustang Mach-E.

Busting the Myth That “All Auto Sales Are Down, Not Just EVs”
A common retort to any bad EV delivery news from the EV-advocacy folks is that it’s not really “just” EVs that have tanked in terms of deliveries, but that “all automotive sectors are down.” That’s false. While some manufacturers have gas models that have reduced numbers, overall, manufacturers are about even with last year. Other than the missing EVs. Here are some quotes from the manufacturer’s delivery reports:
 - Hyundai “Hybrid sales surge 42% in November.”
 - Kia “Kia America posts best-ever November sales.”
 - Honda “American Honda Maintains Strong November Sales Despite Supply Challenges (Up 1.8%)"
 - Honda “Honda November sales of “electrified” vehicles (electrified means hybrids) totaled 28,258 units (30.9% of brand sales), setting a new annual record with year-to-date sales of 385,453 units.”
 - Ford “Deliveries Up 6% Year Over Year.”

Our U.S.-Market Q4 and 2026 EV Delivery Forecast
Q4 will end up wiping out the decent Q3 EVs had this year. The first two quarters were not remarkable. About the same level as 2023 and 2024 in terms of market share. Look for the overall share to be down a smidge from 2024. However, 2026 will be a reconning. EV market share will drop to between five and six percent, back to 2022 levels. How do we know this? Because manufacturers are pulling some EV models off the market, canceling planned new models, and shuttering EV production capacity. Sure, some new models are coming. We hope they succeed wildly, but why would they? What will they have that other models didn't have in the 30 years since the modern age of EVs began? Why will they be a better EV value than Tesla's Model Y and Model 3, both of which are now in their second generations?

Tell us your thoughts on the state of EVs in America in the comments section below. What is your Q4 and 2026 forecast for EV market share? 
 

John Goreham is the Vice President of the New England Motor Press Association and an expert vehicle tester. John completed an engineering program with a focus on electric vehicles, followed by two decades of work in high-tech, biopharma, and the automotive supply chain before becoming a news contributor. He is a member of the Society of Automotive Engineers (SAE int). In addition to his fourteen years of work at Torque News, John has published thousands of articles and reviews at American news outlets. He is known for offering unfiltered opinions on vehicle topics. You can connect with John on LinkedIn and follow his work on his personal X channel or on our X channel. John employs grammar and punctuation software when proofreading, and he sometimes uses image generation tools. 

Top of page image by John Goreham. EV market share graph by John Goreham, with some data provided by Cox Automotive.