President-elect Trump is looking to eliminate the $7,500 tax credit for electric vehicles (EVs), a move that could significantly impact consumers and the growth of the EV market.
President-elect Trump is expected to unravel many of the green initiatives pushed through by President Biden when he returns to the White House, including rules aimed at incentivizing the production and purchase of electric vehicles (EVs). On the purchase side, the Trump transition team is reportedly already looking to get rid of the $7,500 tax credit for the purchase or lease of certain EV and plug-in hybrid models that was passed as part of Biden's signature Inflation Reduction Act of 2022.
Ditching the federal subsidy is seen as having the greatest potential impact on consumers who want to purchase an EV or might consider buying one. 'The EV tax credit was intended to make electric vehicles more affordable for the average consumer and they have,' said Scott Kunes, COO for Kunes Auto & RV Group. 'We've seen EV sales and leases increase significantly as a direct result of the federal tax incentives. Their repeal would once again put those vehicles out of reach for the average consumer.' Shawn McLaughlin, CEO of Emporia Energy, told FOX Business that industry research shows that the majority of current EV owners were motivated to make the switch because it was their way of doing their part to help the environment. He argues that to continue EV adoption growth, the auto industry needs to attract new buyers that are more price sensitive. 'A rollback in government support and incentives for EV adoption will slow the growth of EV sales over the next couple of years by making the current offering of EVs less price competitive,' McLaughlin said. Still, even if the tax credit is scrapped, the market will adjust to meet the needs of EV customer
ELECTRIC VEHICLES EVS TAX CREDIT TRUMP ADMINISTRATION AUTOMOTIVE INDUSTRY
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Gavin Newsom Sparks Anger With Proposed Tesla Move: 'Insane'Donald Trump is reportedly planning to scrap a $7,500 federal consumer tax credit for electric vehicles.
Read more »
Navarro Claims Trump Policies Won't Boost Inflation or DeficitsPeter Navarro, a top trade advisor to President-elect Donald Trump, asserts that Trump's proposed tariffs and tax cuts will not lead to increased inflation or federal deficits. Navarro attributes the inflation during the Biden administration to 'fiscal irresponsibility.' He points to Trump's previous tariffs on China, steel, aluminum, and other products as evidence that these policies do not contribute to inflation. Navarro also notes Trump's plan for further tax cuts, including reductions in the corporate tax rate, elimination of taxes on tips and Social Security benefits, and extension of existing tax cuts.
Read more »
Trump to scrap restriction on ICE arrests at churches, schoolsJulia Ainsley is the homeland security correspondent for NBC News and covers the Department of Homeland Security for the NBC News Investigative Unit.
Read more »
Trump plans to scrap policy restricting ICE arrests at churches, schools and hospitalsThe policy preventing agents from making arrests in sensitive locations without approval started in 2011 with a memo sent by then-ICE Director John Morton
Read more »
Trump transition team seeks to scrap car-crash reporting rule opposed by Elon Musk's TeslaToday's Business Headlines: 12/12/24
Read more »
Trump team wants to scrap car-crash reporting rule that Tesla opposesDan Flax, Neuberger Berman senior research analyst, joins 'Squawk Box' to discuss Tesla's surging shares, the company's self-driving ambitions, and more.
Read more »