Rooted in fact-based, transparent reporting, Newsy is an award-winning opinion-free network owned by the E.W. Scripps Company that is relentlessly focused on “the why” of every story and seeks to enable a more intimate and immersive understanding of the issues that matter.
If you're thinking of buying an electric car in 2025, it may soon cost more.President-elect Trump has indicated he will eliminate the $7,500 tax credit for electric vehicle purchases included in President Biden's Inflation Reduction Act.One recent estimate found EV sales could fall as much as 27% if that tax break goes away.
It's designed to shift the whole global supply chain outside of China's influence. I'm hopeful that that will be considered and we'll maintain this credit.'RELATED STORY | Hyundai recalls over 145,000 electric vehicles because they could lose powerFor consumers, losing the tax credit could mean steeper sticker prices for EVs, and may set back efforts by companies like Ford to compete in the market.
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