A week after the U.S. elections, the country's top auto industry lobbying group wrote a letter to President-elect Donald Trump. It had a clear message: Don't mess with the electric vehicle tax credits. Of course, the group attempted to strike a far more subtle and diplomatic tone. But the urgency of that letter is palpable. Automakers want to continue manufacturing EVs and remain competitive with the rest of the world, especially China.
Tesla is years ahead of legacy OEMs in manufacturing EVs profitably. However, Tesla also netted $2.1 billion from selling emissions credits to other automakers from January to September, which was 43% of its net profits, the New York Times reported. So we might be underestimating the impact of deleting the tax credits on Tesla's own balance sheets.
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