Trump Administration Aims to End EV Tax Credits

The move, supported by Elon Musk, could reshape the U.S. electric vehicle market.

Former President Donald Trump's reelection has set the stage for a potential rollback of EV tax credits, a key component of the Inflation Reduction Act.
Elon Musk, CEO of Tesla, supports the elimination of these credits, seeing it as a strategic advantage for Tesla given its established position in the EV market.
The U.S. utility industry and auto manufacturers are lobbying to preserve the credits, emphasizing their importance for job creation and maintaining competitiveness against China.
GM, the second-largest American EV maker, faces challenges as it continues layoffs and navigates potential policy shifts that could impact EV sales and profitability.
Republican lawmakers in states with significant EV investments may play a crucial role in the debate over the future of these tax incentives.