LA Auto Show Manufacturers Remain Hopeful for EV Future Amid Recent Sales Decline
FOX Business’ Max Gorden joins ‘Varney & Co.’ to break down how the end of federal EV tax credits is shaking up sales and how Hyundai is betting big on electric and hybrid models.
As the Los Angeles Auto Show unfolds, the spotlight is firmly on the future of electric vehicles (EVs). Despite a significant drop in EV sales following the expiration of the $7,500 federal tax incentive at the end of September, manufacturers are still showcasing their electric offerings.
In October, EV sales plummeted by nearly 60% nationwide, as reported by J.D. Power. This decline means that EVs now account for just 5.2% of total monthly new vehicle sales, a stark decrease from 12.9% in September.
FORD LAUNCHES IMMERSIVE MUSTANG EXPERIENCE WITH HOLLYWOOD CARS AND MARVEL STAR ANTHONY MACKIE
Cars on a track inside the 2025 LA Auto Show in Los Angeles, California. (FOX Business Network)
Despite this downturn, automotive experts believe that the electric vehicle market is far from dead. Ed Loh, Motor Trend’s head of editorial, stated, “People who don’t like EVs might say, ‘Oh my gosh, they’re dead.’ Totally not true. I think right now we’re going to see the strong will survive. So the ones who make really good EVs that are priced right, you’ll see them bounce back.”
Hyundai is making significant strides in the EV sector, recently unveiling its Ioniq 6 N high-performance EV at the auto show. This sport sedan boasts impressive acceleration, going from zero to 60 mph in under 3.2 seconds.
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The Hyundai Ioniq 6 N is on display during the 2025 Los Angeles Auto Show at the Los Angeles Convention Center on Nov. 21, 2025, in Los Angeles, California. (Josh Lefkowitz/Getty Images)
Hyundai is also focusing on providing a variety of engine choices to cater to diverse customer preferences. “We want to meet the customer on their journey to mobility,” said Randy Parker, Hyundai North America CEO. “Whether it’s ICE [internal combustion engine], hybrid, or EV, we can meet customers on that journey in any space, no matter which direction they want to go in.”
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Additionally, luxury EV manufacturer Lucid is showcasing its latest models at the LA Auto Show.
The all-electric Lucid Gravity at the 2025 LA Auto Show in Los Angeles, California. (FOX Business Network)
Lucid’s interim CEO, Marc Winterhoff, acknowledges the impact of the tax incentives on sales but emphasizes that the company can compete without them. “There is a dip,” he noted regarding current sales figures. “People pulled forward… purchases and now there’s a little bit of a lull. But I really see this as a bump in the road, and it will normalize sometime in Q1 next year.”
FOX Business’ Max Gorden joins ‘Varney & Co.’ to break down how the end of federal EV tax credits is shaking up sales and how Hyundai is betting big on electric and hybrid models.
As the Los Angeles Auto Show unfolds, the spotlight is firmly on the future of electric vehicles (EVs). Despite a significant drop in EV sales following the expiration of the $7,500 federal tax incentive at the end of September, manufacturers are still showcasing their electric offerings.
In October, EV sales plummeted by nearly 60% nationwide, as reported by J.D. Power. This decline means that EVs now account for just 5.2% of total monthly new vehicle sales, a stark decrease from 12.9% in September.
FORD LAUNCHES IMMERSIVE MUSTANG EXPERIENCE WITH HOLLYWOOD CARS AND MARVEL STAR ANTHONY MACKIE
Cars on a track inside the 2025 LA Auto Show in Los Angeles, California. (FOX Business Network)
Despite this downturn, automotive experts believe that the electric vehicle market is far from dead. Ed Loh, Motor Trend’s head of editorial, stated, “People who don’t like EVs might say, ‘Oh my gosh, they’re dead.’ Totally not true. I think right now we’re going to see the strong will survive. So the ones who make really good EVs that are priced right, you’ll see them bounce back.”
Hyundai is making significant strides in the EV sector, recently unveiling its Ioniq 6 N high-performance EV at the auto show. This sport sedan boasts impressive acceleration, going from zero to 60 mph in under 3.2 seconds.
NEW CAR DOWN PAYMENTS HIT 4-YEAR LOW AS BUYERS STRUGGLE WITH AFFORDABILITY CHALLENGES
The Hyundai Ioniq 6 N is on display during the 2025 Los Angeles Auto Show at the Los Angeles Convention Center on Nov. 21, 2025, in Los Angeles, California. (Josh Lefkowitz/Getty Images)
Hyundai is also focusing on providing a variety of engine choices to cater to diverse customer preferences. “We want to meet the customer on their journey to mobility,” said Randy Parker, Hyundai North America CEO. “Whether it’s ICE [internal combustion engine], hybrid, or EV, we can meet customers on that journey in any space, no matter which direction they want to go in.”
NEW CAR PRICES SOAR TO HISTORIC HIGH AS BUYERS FACE MOUNTING STICKER SHOCK
Additionally, luxury EV manufacturer Lucid is showcasing its latest models at the LA Auto Show.
The all-electric Lucid Gravity at the 2025 LA Auto Show in Los Angeles, California. (FOX Business Network)
Lucid’s interim CEO, Marc Winterhoff, acknowledges the impact of the tax incentives on sales but emphasizes that the company can compete without them. “There is a dip,” he noted regarding current sales figures. “People pulled forward… purchases and now there’s a little bit of a lull. But I really see this as a bump in the road, and it will normalize sometime in Q1 next year.”
