November's EV Registrations Were Cut In Half Thanks To The EV Tax Credit's Death

We're starting to get a fuller picture of just how bad President Trump's decision to kill the $7,500 electric vehicle tax credit has been for EV sales. Data provided by S&P Global Mobility from November shows that new electric vehicle registrations were nearly cut in half from a year earlier, with legacy automakers being hit even harder than Tesla, which maintained its commanding lead over the rest of the field.

In November of 2025, just 56,072 EVs were registered in the U.S. — a 49% drop from a year earlier. It means that electric vehicles' share of the light-vehicle market dropped 3.7% to just 4.6%, according to Automotive News. Some industry analysts now believe that EVs won't get back above 6% market share for at least the next couple of years.

It's really a damn shame, too, because things were really looking good for the industry for most of 2025. Despite the massive dropoff in November (and mixed-at-best results in October), cumulative data for the first 11 months of 2025 showed that EV registrations grew 5.6% to nearly 1.2 million vehicles. Their market share during the first 11 months of the year rose to 8.1%, a gain of 0.3% from 2024. Of course, there were surges in August and September as savvy buyers raced to dealerships to take advantage of the $7,500 incentive before Trump and his merry band of Republicans took it out back and shot it in the head.

In the wake of the credit ending, there have been quite a lot of variations as to the next steps for automakers. Some have offered factory incentives to make up for the loss of the credit. Others have slashed prices. A few have just stayed the course, hoping people would buy their EVs anyway, and a few have decided to pull back from the EV market altogether and focus instead on hybrids and internal-combustion-powered vehicles. These variations in tactics can be seen in a registration report that is sort of all over the place.

In the top 10 of EV brands by volume, Cadillac is the only automaker that posted a gain in November, so it has the Optiq and Vistiq (and some very solid incentives) to thank for its 7.5% increase in registrations to 2,943 vehicles. It was good enough to place it third overall among EV makers, according to AutoNews. On the other hand, Ford saw registrations drop 56% to 3,903 vehicles — still good enough for second place. But few had it worse than Nissan, which saw a 94% EV registrations drop to just 154 vehicles in November. Ouch.

Tesla still dominated of course, but it was certainly hurt by the lack of incentives. Its registration dropped 35% to 30,003 vehicles. However, because everyone else did so dogshit, its share of the market actually jumped to 53.5% — up 11.2% from the same period last year. I'm sure the bargain basement Model 3 and Model Y Standard and some outrageous lease and finance deals helped things along. In any case, here's a look at the top 10 in November, from Automotive News:

1. Tesla – 30,003 registrations (-35% from November 2024)
2. Ford – 3,903 registrations (-56%)
3. Cadillac – 2,943 registrations (+8%)
4. Hyundai – 2,757 (-53%)
5. BMW – 2,576 (-32%)
6. Chevy – 2,420 (-75%)
7. Rivian – 1,815 (-36%)
8. Kia – 1,885 (-59%)
9. GMC – 1,295 (-38%)
10. Toyota – 982 (-40%)

And here are our biggest losers, the bottom five (out of 33 total) U.S. EV sellers. Admittedly, there are some very high-end automakers here, but who am I to make that distinction?

29. Fiat – 27 (-82% from November 2024)
30. BrightDrop – 18 (-86%)
31. Rolls-Royce – 17 (-51%)
32. Maserati – 9 (+80%)
33. Jaguar – 9 (-97%)