Latest Sales Data Reveal Clear Winners And Losers in a Messy EV Market
And all of this is happening under a White House that has turned decisively against green subsidies.
Despite a political environment hostile to clean energy, GM managed to deliver a stunning 111% increase in EV sales compared to the same quarter last year, moving 46,280 electric vehicles. The Detroit automaker's investment in new models appears to be paying off.
GM now commands an estimated 13% share of the U.S. EV market and is emerging as a real contender to Tesla's long-standing dominance. Many analysts attribute this rise to both product quality and a growing consumer backlash against Tesla CEO Elon Musk's polarizing political activities.
'Tesla, the market leader for years, is now clearly in retreat. The company delivered 384,122 vehicles globally in Q2, a 13.5% decline year-over-year. U.S. sales fell an estimated 16.7% to 125,000 units.
Industry experts say Tesla's troubles go beyond competition. Musk's involvement in Donald Trump's administration, as head of the controversial Department of Government Efficiency (DOGE), has alienated many liberal and progressive buyers who once made up a key slice of Tesla's customer base.
Ford's EV division didn't fare much better. The company's electric vehicle sales dropped 31.4% in Q2, totaling just 16,438 units. Key models like the F-150 Lightning and the E-Transit van were down 26% and 88% respectively.
Even Ford's best-performing EV, the Mustang Mach-E, saw a 20% decline. A stop-sale order during the quarter due to a safety recall involving over 317,000 vehicles further dented Ford's EV momentum.
Toyota continues to gain ground but largely on the back of hybrid and plug-in hybrid vehicles. It sold 320,817 'electrified vehicles' in Q2, up nearly 30% from a year ago. But only a small fraction of that total consists of battery electric vehicles (BEVs).
Hyundai and Kia reported steep declines
Both companies declined to share sales data for other electric models like the Kona EV and Niro EV.
The shifting landscape also extended to the newer, 'disruptive' electric vehicle manufacturers. Rivian, known for its electric trucks and SUVs, delivered 10,661 units in the second quarter, marking a 22% decline from a year ago. While this drop might seem concerning, Rivian stated that its production was intentionally limited during this period to prepare for the launch of its 2026 model year vehicles later in July.
In contrast, luxury EV maker Lucid saw a notable increase in deliveries, soaring 38% to 3,309 units in Q2. This marks a new record for Lucid's quarterly deliveries and its seventh consecutive quarter of increased handovers.
The real wildcard in this turbulent market is federal policy. President Trump's 'One Big Beautiful Bill,' signed into law on July 4, will end the $7,500 federal tax credit for new EVs and the $4,000 credit for used EVs on September 30. Those subsidies were cornerstones of the Biden-era Inflation Reduction Act and helped power EV adoption across the country.
The bill also slashes incentives for rooftop solar, heat pumps, and other green energy products, and removes fuel-efficiency penalties for automakers.
As the expiration date looms, many industry watchers expect a rush of purchases in Q3 as consumers scramble to lock in discounts. But after September?
That's the real test.
The EV market is entering a period of uncertainty. GM is rising. Tesla is falling. Ford is scrambling. And the federal government is pulling back its support. If Q2 was a mess, Q3 could be a feeding frenzy, and Q4 a reckoning.
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