Now that Election Day has come and gone, and the victor declared, I don’t mind saying that I’d had my eye on the 2024 Presidential Elections to see who would be controlling America and, more importantly, to me at least, how the results would impact the automotive industry. On November 6, 2024, Donald Trump was declared the winner of the 2024 Presidential Election and will become the 47President of the United States when he is sworn in on January 20, 2025.
The Biden administration is also currently committed to enhancing local semiconductor production and strengthening the supply chain through the CHIPS and Science Act. This legislation represents an investment of USD 53 billion to bolster American semiconductor manufacturing capabilities, foster research and innovation, and develop a skilled workforce. The CHIPS and Science Act allocates USD 39 billion in direct incentives to construct, modernize, and expand semiconductor fabrication facilities.
Irrespective of the role he takes up, I think we can expect Musk to push a couple of agendas—the biggest being federal approval for fully autonomous vehicles as opposed to state approval. He’s been after this since as far back as 2018, and now seems the perfect time to, well, create new policy. If he manages to get this particular ball rolling, it’ll open up some interesting clashes with California—I don’t imagine the Golden State will want to ease up on its requirements for driverless cars.
While Trump is likely to prioritize fossil fuels over green energy, he may not eliminate the NEVI program altogether. Instead, he may reduce federal funding for charging stations, with the saved funds being diverted toward other infrastructure projects, such as prioritizing natural gas stations or enhancing highways for traditional vehicles.