3 sources·Business

Trump's Threat to EV Tax Credits Faces Industry Resilience

Despite Donald Trump's threats to eliminate EV tax credits, the auto industry continues its commitment to electric vehicle development with significant investments.

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Updated: Nov 26th, 2024, 6:15 AM ET

Summary

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As President-elect Trump threatens to eliminate federal tax credits for electric vehicle buyers, the auto industry remains committed to transitioning from gasoline vehicles, having invested over $160 billion in EV development since 2021. Experts warn that rescinding the credits may slow EV adoption, impacting sales and factory investments. Trump argues a rapid shift to EVs could lead to manufacturing in China, while economists dispute this claim. Industry leaders assert their long-term strategies for EV production will continue regardless of Trump's policies.

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Trump's Threat to EV Tax Credits Faces Industry Resilience - Pano News