Electric vehicle sales declined at most major manufacturers in November on the heels of an uptick in EV share of total new-car sales in the third quarter, due in large part to a pull-ahead of purchases before the federal EV tax credit expired.
Automakers including American Honda, Ford Motor, Hyundai, Subaru and Toyota reported double-digit year over year declines in EV sales during the month, while overall sales were mixed. EV sales slowed in November but in Q3 benefited from consumers wanting to take advantage of the federal tax credit of up to $7,500 before Sept. 30, contributing to a jump in new-vehicle EV financing share to 11.4%.
A strong tax refund season is projected to boost car sales in early 2026 as some consumers lean into the used-car market due to affordability concerns. Used-vehicle values were flat YoY and up 1.2% month over month in November, according to the latest Manheim index.
In powersports, sales were mixed for the most recent quarter. Canadian powersports manufacturer Bombardier Recreational Products’ North American retail sales declined 4% YoY in its fiscal third quarter ended Oct. 31. RV manufacturer Thor Industries’ net sales, however, jumped 11.5% YoY in its fiscal first quarter ended Oct. 31.
In this episode of “Weekly Wrap,” Auto Finance News Editor Amanda Harris, Senior Associate Editor Truth Headlam and Associate Editor Aidan Bush discuss trends across vehicle sales, pricing, consumer sentiment and powersports for the week ended Dec. 5.
This episode is sponsored by The Work Number by Equifax.
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