The election has sparked much speculation about the potential effects of a new administration on the auto market, particularly concerning electric vehicles and emissions standards, according to Charlie Chesbrough, senior economist at Cox Automotive.

“We may see an increase in electric vehicle (EV) and plug-in hybrid (PHEV) sales over the next few months as buyers move to take advantage of discounts that may disappear in 2025,” he said. “There is concern that federal tax credits for EVs and PHEVs may be reduced or eliminated when the new administration takes office. As a result, EV sales may experience some tailwinds, leading to robust activity through the end of the year.”