In October, both Ford and Hyundai reported significant declines in electric vehicle (EV) sales following the cessation of federal tax credits, with Hyundai’s sales plunging sharply. Hyundai Motor Group faced its first sales drop in over a year, citing a decrease of 6.9% in total sales. Kia also experienced a slight decrease of 0.5% in global sales, selling 263,904 units, while Hyundai sold 351,753 vehicles globally, reflecting a similar downturn. These declines are attributed to the combination of fewer business days due to the Chuseok holiday and a general decline in consumer demand for EVs following the removal of incentives. The situation is expected to remain challenging for the automakers in the coming months.