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The clock is ticking on tax credits for electric vehiclesand that’s pushing a lot of people who were debating whether or not to get one off of the fence. Sales are surging at dealerships for EVs, and likely will remain high for the next month and a half. That’s because on September 30, the $7,500 tax credit for new EV purchases (and $4,000 for a used one) will disappear, a move that will add challenges to an industry that already has plenty. Wait times for a new Tesla are currently hovering between four and six weeks, but over the weekend, the Tesla site was reportedly showing waits of four to six months. (It’s unclear if that was a mistake or glitch on Tesla’s part. Tesla did not reply to Fast Company‘s request for comment on the matter.) Ford and General Motors, which also make EVs, have not reported extended wait times, but customer interest is growing. Analysts say that’s to be expected, but once September comes to an end, the party may well be over for EV companies. The July 4 signing of the Trump budget bill marked the death knell for EV incentives (and also spurred a feud between the White House and Elon Musk). That puts the EV industry at something of a crossroads. Last month, consumers purchased 130,100 new EVs, the second-highest total on record, according to Cox Automotive. That was a 26.4% jump from June, and roughly 20% higher than last July. Used EV sales came in at 36,700, which was a record high. Tesla is emphasizing the expiration of the tax credits on its site to encourage potential buyers to commit to a sale. The company has also increased lease rates of the Model Y by as much as 14% and done away with a free upgrade incentive for the Models Y and 3. But the sales numbers won’t remain that high, experts say. “Volatility is anticipated, as EV share mix from July-September is expected to advance, followed by much lower take rates in the fourth quarter of 2025,” S&P wrote in a blog post. A June report from AAA showed flagging consumer interest in EVs. Only 19% of the people surveyed by the organization said they were likely or very likely to purchase one as their next car. The number who were adamantly against buying an EV was up, with 63% saying they were unlikely or very unlikely to buy an EV. Thats the highest number since 2022. Tesla, meanwhile, reported a 16% drop in vehicle sales in its second quarter earnings. (The company’s stock is down 10% year to date.) What to know if you’re thinking about buying an EV If you’re one of the people who was considering an EV purchase, experts say you should figure out which car you want soonand not hesitate on the purchase. Those who do could find themselves at the mercy of the dealers. “Electric vehicle demand and sales will absolutely spike between now and September 30,” says iSeeCars executive analyst Karl Brauer. “I expect the typical last-minute rush between September 20 and 30, and I expect those buyers will be left with the dregs of the EV market. Dealers will be happy to leverage their advantage if they still have a desirable EV on the lot on September 29 and 30.” An alternate scenario could see a stand-off between dealers and consumers in the coming weeks. Dealers, who know sales are about to plummet in October, could be willing to come down much further on pricing as September 30 approaches if they still have a surplus of inventory. (To receive the tax credit, consumers must not only purchase their vehicle before the September 30 deadline, but must also take delivery by that date.) The good news for potential buyers is that in July, at least, EV prices are still coming down. Kelley Blue Book says the average new EV cost $55,689, down by 2.2% from the June average and 4.2% lower than the year prior. Tesla saw the biggest price drops. “The urgency created by the administrations decision to sunset government-backed, IRA-era EV incentives was expected to create serious demand for EVs in the short term,” said Stephanie Valdez Streaty, senior analyst, Cox Automotive. “If last month is any measure: Mission Accomplished. . . . At this pace, Q3 will be the best ever and then some, as buyers jump in before the big incentives dry up.”
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E-Commerce
A feel good herbal supplement is facing backlash online after a number of social media users shared their stories of addiction and terrifying health effects. Feel Free drinks are sold at many gas stations and retailers across the United States. That is where influencer Misha Brown first heard of the product. On July 25, he posted a now-viral video recounting how a teenage boy tried stealing his wallet outside a gas station after he refused to purchase a Feel Free tonic for the boy. After Brown informed the cashier about what had just transpired, she pointed to some bottles of Feel Free and told him that people were coming in multiple times a day to purchase the product. Its so addictive and people lose their minds, Brown recalled the attendant telling him. His video now has over 23 million views and has sparked a wave of media attention. Social media users and experts alike are warning people about the addictive effects of products containing kratom, NBC News reported. Launched in 2020, the drink is advertised online as for whenever you want a mood lift, a caffeine-free energy boost, or a little extra focus. Notably, the ingredients in Feel Frees Classic tonic include kratom, a plant native to Southeast Asia thats known for its stimulant and opioid-like effects. Concerns around the ingredient and its effects are not new. Scott Gottlieb, then commissioner of the Food and Drug Administration (FDA), said in 2018 that evidence pointed to the presence of opioid compounds in kratom, that it acts in the brain the same way as opioids do, and that it comes with “potential for abuse. It is currently banned in five states, according to a report from the Congressional Research Service. On Reddit, a group dedicated to quitting Feel Free currently has more than 5,000 followers. Users have shared experiences that include skin infections, seizures, and stints in rehab. These drinks are insane and not only leave you financially ruined but also physically and mentally, one user wrote in a recent post. Botanic Tonics, the company behind Feel Free, agreed to pay $8.75 million to settle a 2023 class action lawsuit that claimed it failed to warn consumers about the dangers of kratom. Without admitting wrongdoing, the company has since updated its labels to warn that the drink may, in fact, be habit-forming. People with a history of substance abuse are advised to avoid using it. Fast Company has contacted Botanic Tonics for comment. In July, the FDA announced that it is recommending scheduling action to control products containing 7-OH, a byproduct of the kratom plant. This recommendation does not apply to natural kratom leaf products. Following the announcement, Feel Free wrote that its Feel Free Classic tonic contains only natural leaf kratom, meaning the FDAs proposed action would not affect the drink. 7-OH products bear absolutely no resemblance to the natural leaf kratom products that are used by more than 23 million Americans, the company states.
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E-Commerce
Pumpkin spice lovers rejoice! While we’re still battling the summer heat, Krispy Kreme just brought back the iconic fall flavor in its doughnuts and drinks. But you’ll need to act fast. In a recent announcement, the doughnut giant said its Pumpkin Spice Original Glazed doughnut will be available August 11 through August 17. So, those who want to get their hands on the fall favorite will have one week to snag one. Krispy Kreme has also brought back its Pumpkin Spice Latte, Pumpkin Spice Coffee (hot or cold), and Pumpkin Spice Cake doughnut. Beginning August 11, all three will be available throughout the entire fall. “Pumpkin spice fans are counting down the days to their favorite season, and were happy to kick it off by bringing back our Pumpkin Spice Original Glazed doughnutearlier and for a longer period,” said Alison Holder, Krispy Kreme’s chief brand and product officer. “But it wont be around long. Let pumpkin spice season begin!” Krispy Kreme is not the only fast-food restaurant getting an early jump on pumpkin spice items. Starbucks already announced that its PSL (Pumpkin Spice Latte) will return earlier than usual this year, too. While it usually doesn’t hit the menu until September, this year the drink will be on sale August 26. Starbucks said in the announcement that the flavor is already available in stores in the form of coffees and creamers.Dunkin’ is about to drop its fall menu as well, according to Markie Devo, a popular food blogger who’s known for having the inside scoop on food releases. The drop is said to be scheduled for August 20 (Dunkin’ hasn’t confirmed or denied the menu or launch date) and, according to Devo, will include Pumpkin Spice Doughnuts, doughnut holes, and the Pumpkin Spice Signature Latte, made with “pumpkin swirl, vanilla shot, milk, espresso, whipped cream, caramel drizzle, and cinnamon sugar.” Love it or hate it, the return of pumpkin spice offerings is always highly anticipated. And in recent years, the popularity of the flavor has meant its return has come earlier and earlier. The pumpkin pie spice market is projected to reach $1.1 billion this year, and $2.2 billion by 2032, according to Coherent Market Insights. While some people might feel that summer is a tad too early to enjoy pumpkin flavorsand others say climate change has destroyed pumpkin spice season altogethertheir arrival on menus does serve as a reminder that colder weather is on its way. But for some die-hard Pumpkin Spicers, the doughnuts and drinks bring back the feeling that autumn has already arrived, no matter what the calendar says.
Category:
E-Commerce
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