On July 4, it was announced that the U.S. Congress had passed a comprehensive tax and budget bill on Thursday, outlining the termination of the $7,500 tax credit for purchasing or leasing new electric vehicles effective September 30. Additionally, the $4,000 tax credit for used electric vehicles will also come to an end. Introduced in 2008, the $7,500 tax credit for electric vehicles has been a pivotal driver of sales growth, gradually phasing out once manufacturers have produced 200,000 electric vehicles. In 2022, the scope of the policy was broadened to include leased vehicles, and the cap on manufacturers was lifted. Dan Levy, an automotive analyst at Barclays, emphasized that the gradual three-month phase-out of the tax credit is likely to spur a surge in electric vehicle sales due to "pre-buying," which could be followed by a potential sharp decline in sales in subsequent months.