--- title: "EV Sales Forecasted To Plunge 43% in October Due to Lack of Tax Credit: TDS" date: "2025-10-28" modified: "2025-10-28" authors: - name: "Joel Feder" job_title: "Director of Content and Product" link: "https://www.thedrive.com/authors/joel-feder" url: "https://www.thedrive.com/news/ev-sales-forecasted-to-plunge-43-in-october-due-to-lack-of-tax-credit-tds" categories: - "News" - "The Downshift" --- # EV Sales Forecasted To Plunge 43% in October Due to Lack of Tax Credit: TDS ![Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025.]() *Tesla Cybertruck electric vehicles sit parked in a storage lot in San Diego, California on April 11, 2025. \Patrick T. Fallon/AFP via Getty Images\* Good morning and welcome to *The Downshift*, or *TDS* for short. Light, tight, and right, *TDS* gathers all the latest automotive news bubbling around the globe and places it in one spot. Stories are summarized in a single, sometime long, sentence accompanied by a link for those seeking more information. I'm in Japan and it's dinner time here in the future so let's get into it. 🚘 What I’m driving: Nothing. I'm in Japan and rode in a Toyota van earlier today in Tokyo. πŸ“‰ J.D. Power expects EV market share to drop from 8.5% to 5.2% year-over-year and [forecasts October sales will be 43% down year-over-year]() due to the expiration of the EV tax credit at the end of September; the situation was called a market "recalibration," though gasoline and hybrids gained market share so far in October. 😭 Tesla's Board Chair Robyn Denholm said [Elon Musk might leave the company]() if he doesn't get his $1 trillion pay package. πŸš™ Kia [teased the hotter EV4 GT]() as the performance variant of the electric hatchback, which is coming to the U.S. market. 🚒 Japan reportedly might start [importing some U.S.-made vehicles]() from both Toyota and Nissan. πŸ”‹ Nissan said it's currently on track to put [solid-state batteries into production in 2028](), which would enable more range, more performance, faster charging, and less range loss in cold weather situations. ❌ GM [laid off 325 employees]() from a Georgia-based IT center it's closing while also laying off [over 200 salaried workers in Detroit]() all on the heels of a stock surge following better-than-expected earnings. ⏭️ Turns out the Kia Telluride will [skip right over the 2026 model year]() as the second-generation of the nameplate arrives for 2027. *Have feedback on the formatting of TDS? Send us a note: tips@thedrive.com* ## Author Overseeing what you see, read, touch, hear, and interact with from the vast lakes of Minnesota, Joel Feder shapes how The Drive looks and operates as the head of content and product initiatives. On a daily basis, Joel leads the newsroom and editorial staff playing point on both short-term coverage and long-term strategic plans. His mission is to help ensure The Drive shapes the future of automotive media by helping the team execute original reporting, breaking news, and exclusive opportunities. Regarded as an industry insider and recognized by colleagues, fellow journalists, and manufacturers as a point-person and leader in the industry, Joel owns and runs the largest automotive professionals group on Facebook in an effort to serve and help others. Joel serves as a juror for the World Car Awards. In addition, he is the board chair and chair of the governance and nominating committee for Move Forward MN, a local non-profit that helps at-risk youth with barrier-free mental health and housing services. While you’re reading this he’s either on his computer or iPhone chasing the latest news or drafting a story. ### Author social links [Instagram]() [LinkedIn]() [Bluesky]() [Email]()