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Yet tax credits or not, auto companies show no intention of retreating from a steady transition away from gas-burning cars and trucks, especially given the enormous investment they have already made: Since 2021, the industry has spent at least $160 billion on planning, designing and building electric vehicles, according to the Center for Auto Research.
“It becomes more affordable,” he said. “Otherwise, those individuals won't be able to afford the payments.” Elon Musk, a close adviser to Trump and co-leader of a commission that intends to identify ways to vastly shrink the federal government, appears to be aligned with the president-elect in canceling the tax credits. Musk, the billionaire CEO of Tesla who spent anto help elect Trump, has said that ending the credits would hurt his rival companies more than it would Tesla, the U.S. sales leader in EVs by far.
A 1974 federal law bars a president from substituting his own view of spending programs, said David Rapallo, associate law professor at Georgetown University. If Trump cancelled the tax credits, Rapallo said, it would be challenged in court.