President-elect Trump is reportedly considering rolling back the Biden administration's credit for electric vehicles – a move that experts say would have varying effects across the automotive industry. President Biden implemented a tax credit of up to $7,500 to incentivize the purchase of greener vehicles. However, sources with knowledge of the matter told Reuters that Trump plans to ax the tax credit as part of his sweep of Biden's climate agenda.
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.' 'With the tax credit gone and the onerous Biden regulatory mandates lifted, the new administration is providing the exit ramp the U.S.
During his campaign, Trump highlighted his intent to target Biden's clean energy-driven initiatives, such as vowing to 'cancel the electric vehicle mandate.'