Electric Vehicles saw a promising quarter. The upcoming one might even surpass existing records.
In the second quarter of 2025, the electric vehicle (EV) market experienced a slight dip in sales compared to the same period last year. Tesla, the top EV seller in the U.S., delivered nearly 60,000 fewer vehicles and reported a 16% drop in profits. However, General Motors more than doubled its EV sales, becoming the No. 2 EV brand in the U.S. [Tesla, General Motors]
Meanwhile, Rivian, another prominent EV manufacturer, reported a delivery decline in Q2 2025 and announced plans to build a new headquarters and an EV factory in Georgia. [Rivian, General Motors, Tesla]
One of the most significant developments in the EV sector is the cancellation of the federal loan guarantee for the Grain Belt Express, a planned transmission line meant to bring wind and solar power generated in the Great Plains to cities further east. The Trump administration's decision has put the project's future in jeopardy, and Missouri Republicans have turned against it in recent weeks. [Grain Belt Express, Rivian, Tesla, General Motors]
Despite the challenges, the Grain Belt Express has support from utility regulators and large electricity consumers along the line's route. The project, which has been in the works for over a decade, was granted its loan guarantee under the Biden administration. [Grain Belt Express, Tesla, General Motors]
In a separate development, Lucid Motor delivered a record 3,309 cars in Q2 2025, marking a significant milestone for the company. [Lucid]
The EV market in the U.S. saw a total of 607,089 electric vehicles sold in the first six months of 2025, according to Cox Automotive. [Cox Automotive]
Interestingly, the cancellation of the Grain Belt Express loan guarantee could have unintended consequences for the EV market. Sen. Josh Hawley made a direct appeal to President Trump to pull back federal support for the project, leading to speculation about the potential impact on EV sales in the coming quarters. [Grain Belt Express, Sen. Josh Hawley]
In a twist of events, the "Big, Beautiful Bill" has sent EV tax credits to an early grave. This decision could potentially lead to a new record in EV sales in Q3 2025, followed by a collapse in Q4 as the tax incentives expire. [Big, Beautiful Bill]
The Grain Belt Express CEO, Michael Garland, has stated that there are no public plans to change or cancel parts of the project at this time. [Grain Belt Express, Michael Garland]
As the EV market continues to evolve, it will be interesting to see how these developments unfold and how they will shape the future of the industry. [Grain Belt Express, Tesla, General Motors, Rivian, Lucid, Cox Automotive, Big, Beautiful Bill]
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