Former Tesla Inc. (NASDAQ:TSLA) President for Global Sales and Service, Jon McNeill, thinks that the EV sector can grow without subsidies like the $7,500 EV Credit, which ended after President Donald Trump‘s September 30 deadline.
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Europe Wrote Subsidies Off, Says Jon McNeill
McNeill, who currently serves as a member of the General Motors Co. (NYSE:GM) Board, spoke to CNBC in an interview on Thursday, where he shared his thoughts. "This is one of the few markets where the U.S. is not ahead in terms of technology; it's actually a step or two behind," McNeill said.
He added that markets in Europe, like France and Germany, pulled subsidies back, despite which "surprisingly, the market continued to grow," because manufacturers continued to offer EV models in the market. "We now have 65 model choices of EVs in the U.S.," McNeill said, adding that every one out of four vehicles sold in the market is electrified (counting hybrids).
"We're probably ready to have a market that can grow without subsidies," McNeill said. He also added that affordable EVs on sale will further drive adoption in the country. Speaking about Tesla, McNeill conceded there has been a pull forward owing to the end of the Federal EV Credit.
Tesla's Demand Pull Forward
"The demand pull forward definitely showed in their quarter, but it showed for everybody else too," McNeill said about Tesla’s strong Q3 results. Tesla delivered 497,000 units in Q3 2025, delivery data released by the EV giant showed.
McNeill also addressed concerns that manufacturers are considering EVs as temporary power sources, allowing electricity to be sent back to the grid. He mentioned that local authorities are offering EV owners breaks on utilities if they agree to let the city access a part of their EV's battery.
GM, Ford Extends EV Incentives, Jim Farley Hails Relaxation Of Emissions
The news comes as GM and Ford Motor Co. (NYSE:F) are reportedly considering extending the Federal EV Credit via their financing arms. The companies reportedly paid dealers a down payment on units before September 30 to qualify the units for the EV credit, which the dealers would then pass on to the customers.
Meanwhile, Ford CEO Jim Farley hailed the Trump administration's decision to relax emissions standards, calling it a "tailwind" for the company. "I don’t think the market has understood the benefit of the EPA rule change," Farley said recently.
California Rolls Back EV Incentives, Tesla Sales Fall
Elsewhere, California Governor Gavin Newsom confirmed that the state would be rolling back on plans to offer bespoke incentives on EVs after the Federal EV Credit is halted. Newsom had earlier criticized GM CEO Mary Barra for selling out California's EV push.
On the other hand, Tesla sales continue to fall despite strong Q3 delivery results, with the latest data released by Italian authorities showcasing that the company's sales fell more than 25% in the region during September.
Tesla scores well on Momentum and Growth metrics, while offering satisfactory Quality, but poor Value. Tesla also offers a favorable price trend in the Short, Medium and Long term. For more such insights, sign up for Benzinga Edge Stock Rankings today!
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