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Sales of electric vehicles in the U.S. surged in the third quarter as buyers rushed to take advantage of the $7,500 federal tax credit for new EVs that phased out on Sept. 30. That pushed the segment to a best-ever 10.5% market share during the three-month period, according to media reports. And companies including Tesla, General Motors, Ford and Hyundai all posted big spikes in demand for their battery-powered models.

But there’s also concern the quarterly spike was a one-off event and that sales in the fourth quarter and beyond could taper off sharply. Ford CEO Jim Farley said EV’s current record high market share could fall by half now that the government incentive is gone. He could be right, but there are also indications that automakers are compensating by rolling out lower-priced models and keeping lease deals affordable. GM and Ford essentially bought up lots of their own EV inventory before the quarter ended so that they can lease models to customers this year with the tax credit already baked in.

An even more helpful move could be Hyundai’s decision to slash prices for its Georgia-built Ioniq 5 by as much as $9,800, setting the base price for the electric hatchback at just $35,000 (slightly above the South Korean brand’s Kona EV, at about $33,000). Nissan is rolling out a restyled version of its Leaf with a starting price just below $30,000 that offers 300 miles of range per charge. GM is also preparing to sell a revamped version of its battery-powered Chevrolet Bolt in early 2026 that’s expected to have a base price below $30,000. The company’s EV sales surge this quarter was led by its electric Equinox compact crossover, which starts at about $35,000, in line with what similarly sized gasoline-powered models sell for. Add in Tesla’s Model 3 sedan, starting at $42,490, and Kia’s EV6 crossover, priced from $43,000, and U.S. consumers have a growing number of options that are all less expensive than the current average new vehicle price of just over $49,000.

Prices would go even lower if the U.S. reversed restrictions on imported Chinese EVs, which would put sub-$30,000 models from BYD, Xpeng and Xiaomi on the market, but there’s little chance of that happening in the foreseeable future.

Still, even more lower-priced models are on the way. Rivian is bringing out its next-generation SUV, the R2, in early 2026 that will sell for about $45,000 and........

© Forbes