Trump to kill EV tax credit
Posted: Nov 14, 2024
- Trump's transition team plans to eliminate the $7,500 EV tax credit for electric vehicles
- Tesla supports ending the subsidy, stating it would hurt competitors like General Motors
- The energy transition team, led by Harold Hamm and Doug Burgum, aims to repeal the tax credit as part of broader tax reform legislation
- Trump views ending the tax credit as a cost-saving measure to help pay for other tax cuts
- The Alliance for Automotive Innovation, representing major automakers, supports retaining the EV tax credit
- Eliminating the EV tax credit is expected to gain broad consensus in a Republican-controlled Congress
- The move is strongly supported by Hamm and the oil-and-gas industry
- Representative with the Trump transition and Tesla did not immediately respond to requests for comment.
What do people on Reddit think?
🚨 Reddit sentiment: mixed/negative - There are concerns about the negative impact on Tesla's competitors and smaller EV companies. Comments imply some potential benefits for Tesla but express more negativity towards the broader EV industry. Summarized comments: - Ending the subsidy could hurt Tesla slightly but devastate its U.S. EV competitors, including General Motors - The removal of the subsidy could be bad news for smaller EV companies like Rivian - Tesla fans might absorb the cost difference, but other EV manufacturers will struggle - The removal of the credit could be advantageous for non-domestic automakers like Toyota, Subaru, Mazda, and Hyundai - Some see the end of the subsidy as a move that could eliminate Tesla's competition - Ending the subsidy is linked to broader tax reform plans and could impact the U.S. EV transition Stock tickers discussed: $TSLA, $GM, $TM, $RIVN
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