Former US president Donald Trump has vowed to immediately reverse the current Biden administration’s electric vehicle policies and end federal support for them should he be elected as president for another term,“I will end the electric vehicle mandate on day one, thereby saving the US auto industry from complete obliteration, and saving US customers thousands of dollars per car,” he said in his address at the Republican national convention last week.
One of these is a current federal EV tax credit that grants consumers who purchase qualifying EVs a $7,500 year-end tax rebate. Another is a new EPA regulation limiting tailpipe pollution that is so strict, it would compel automakers to sell far more electric and hybrid models over the next few years.
Trump has also vowed to scrap the Inflation Reduction Act , which currently offers tax credits to foreign battery makers that produce batteries in North American plants. Korean battery-making firms have poured billions of dollars into building battery plants in the US in recent years. While it is unlikely that the IRA will be scrapped completely, incentives could be reduced considerably.