U.S. EV Market Faces Reality Check: Only Tesla Clearly Profitable

The U.S. electric vehicle (EV) market just hit a new milestone — about 437,000 EVs were sold in Q3 2025. That’s a 30 percent increase from a year earlier. 

But the boost masks a tougher truth: industry incentives are fading, and only those automakers with major volume and cost control look set to make real money. 

Tesla stands out. The company remains the top seller with a 41% U.S. market share — its profits and scale set it apart. 

Meanwhile, others struggle. Just nine EV models surpassed 10,000 units sold this quarter. Most still move fewer than 6,000. That low volume makes profitability very hard. 

Ford Motor Company and General Motors are under pressure. Ford lost $2.2 billion and GM lost $1.7 billion in H1 2025 on their EV operations. 

With federal EV tax credits gone, automakers must now compete on cost, quality and consumer demand — rather than subsidies. Suppliers, factories, and marketing will all need to reduce expenses. For most, this will be a make-or-break moment.