FOX Enterprise’ Max Gorden joins ‘Varney & Co.’ to interrupt down how the top of federal EV tax credit is shaking up gross sales and the way Hyundai is betting huge on electrical and hybrid fashions.
With the Los Angeles Auto Present underway, the talk over the way forward for electrical automobiles is taking the highlight.
Many producers are touting their EV choices, even after electrical automobile gross sales took a steep dip in October after the $7,500 federal tax incentive expired on the finish of September.
EV gross sales declined by practically 60% nationwide in October, in response to J.D. Energy, and now signify simply 5.2% of whole month-to-month new automobile gross sales, down from 12.9% in September.
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Vehicles on a observe contained in the 2025 LA Auto Present in Los Angeles, California. (FOX Enterprise Community)
However some automotive consultants say that whereas gross sales may soften with the repeal of the tax credit score, electrical automobiles aren’t going away.
“Individuals who don’t love EVs may say, ‘Oh my gosh, they’re dead.’ Totally not true,” said Ed Loh, Motor Trend’s head of editorial. “I think right now we’re going to see the strong will survive. So the ones who make really good EVs that are priced right, you’ll see them bounce back.”
Hyundai has several EVs in its lineup, and debuted its Ioniq 6 N high-performance EV at the auto show. The sport sedan can go from zero to 60 mph in under 3.2 seconds.
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The Hyundai Ioniq 6 N is on display during the 2025 Los Angeles Auto Show at the Los Angeles Convention Center on Nov. 21, 2025, in Los Angeles, California. (Josh Lefkowitz/Getty Images)
Along with its electric offerings, the manufacturer is leaning into a theme of engine choice.
“We want to meet the customer on their journey to mobility,” said Randy Parker, Hyundai North America CEO. “Whether it’s ICE [internal combustion engine], whether it’s hybrid, whether it is EV. And the good thing for us is that we can meet the customers on that journey in any space no matter which direction they want to go in.”
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The luxury EV manufacturer Lucid also has a booth at this year’s LA Auto Present.
The all-electric Lucid Gravity on the 2025 LA Auto Present in Los Angeles, California. (FOX Enterprise Community)
Lucid’s interim CEO, Marc Winterhoff, says that whereas tax incentives for electrical automobiles are welcome, the automaker doesn’t want them to compete.
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“There is a dip,” stated Winterhoff of the corporate’s present gross sales figures. “People pulled forward… purchases and now there’s a little bit of a lull I would say. But I really see this as a bump in the road, and it will normalize sometime in Q1 next year.”
