Demand for electric vehicles in the United States plummeted when the Trump administration axed the $7,500 federal EV tax credit in September last year. While demand is unlikely to recover to the levels experienced before this period, it appears the ongoing war in Iran and high gas prices have triggered a small increase in demand.
Strong quarter sales figures from both Rivian and Tesla provide insight into the changes. In Q3, Rivian delivered 19,248 vehicles. This was largely due to the arrival of the more affordable R2, but it’s entirely possible some R2 buyers were convinced into buying an EV over a similarly priced ICE in part due to high gas prices.
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