The car-makers may have some short-term pain, there will be long term gain. EV’s have been an anchor dragging down the profitability of the automotive companies.Major U.S. automakers, including Ford, General Motors, and Stellantis, have asked Trump to reverse gear on this promise.
Mr. Trump sees them differently. He has falsely said the rules amount to a Democratic mandate that would prevent Americans from buying the gasoline-powered cars of their choice — a concern of his campaign donors from the oil industry. In fact, most automakers don’t love the more stringent rules Mr. Biden put in place. But they have already invested billions in a transition to electric vehicles, and fear that if Mr. Trump made an abrupt change as he has promised, they could be undercut by automakers who sell cheaper, gas-powered cars. They argue it would harm an industry that is a backbone of American manufacturing and employs 1.1 million people.
“If I was a CEO, I would quietly be relieved to have a reason to shift production lines back to traditional models and invest in new hybrid technologies,” Stewart told Fox News Digital. “The EV tax credit was the only way to entice consumers to ‘maybe’ purchase something they really didn’t want, but told by the Biden folks they had to buy.”