Trump transition team plans to kill Biden's electric vehicle tax credit

[groundloop]

Source: The Guardian

Donald Trump’s transition team is planning to kill the $7,500 consumer tax credit for electric-vehicle purchases as part of broader tax-reform legislation, two sources with direct knowledge of the matter told Reuters.

Ending the tax credit could have grave implications for an already stalling US EV transition. And yet representatives of Tesla – by far the nation’s biggest EV maker – have told a Trump-transition committee they support ending the subsidy, said the two sources, speaking on condition of anonymity.

Tesla’s CEO, Elon Musk, one of the president-elect’s biggest backers and the world’s richest person, said in July that killing the subsidy might slightly hurt Tesla sales but would be “devastating” to its US EV competitors, which include legacy automakers such as General Motors.

[.....]

Repealing the subsidy, a signature measure of US president Joe Biden’s Inflation Reduction Act (IRA), is being discussed in meetings by an energy-policy transition team led by the billionaire oilman Harold Hamm, founder of Continental Resources, and the Republican North Dakota governor, Doug Burgum, the two sources said.

Read more: https://www.theguardian.com/us-news/2024/nov/15/trump-biden-ev-tax-credit

[Irish_Dem]

1. So this would kill all of Musk's competitors and only slightly hurt him.

Sounds about right.

[turbinetree]

2. There goes that "free market" capitalism right out the door.........

next up solar panels for homes..............and those tax breaks..............

[jls4561]

3. Plus it would allow more fossil fuel products into the atmosphere, accelerating respiratory illnesses and

Global warming.

Ultimately killing more people.

That’s just an added bonus.

[JoseBalow]

8. And expedite Florida being swallowed up by the sea

So at least there is some silver lining

[Aussie105]

4. Slightly hurt Tesla, but devastate everyone else in the EV business?

I don't see the logic in that at all.

Businesses in general hate changes in their operating conditions because they do long term planning.

I hate to wonder how businesses will react to the upcoming turmoil of the Trump incompetent administration changing fundamental parameters.

I'm guessing it will get messy.

Some will be favored and benefit, but most will suffer.

And that will flow on to the stock market.

I'm expecting turbulent times there.

Why should anyone care?
Well, most pension funds are invested heavily in the US stock market, as are many pension funds globally.
Then there will be price rises in stores from businesses that are desperately trying to stay afloat.

People crying out 'But I voted for Trump! Trump promised!' won't help any.

[getagrip_already]

6. Its called a subsidy.....

Probably very nsrrowly targeted to plants in tx producing cars with 5 letter names starting with t.

[Doodley]

5. If this happened in any other developed nation it would be a front page scandal.

[ZonkerHarris]

7. No Teslas will be purchased by Democrats

[FakeNoose]

9. Elon will NOT approve of this!

[Dyedinthewoolliberal]

10. This shouldn't surprise anyone.

The first thing Reagan did was get rid of the solar panels Carter had installed at the White House. They are so incredibly short sighted.

[littlemissmartypants]

13. Short sighted? They're pure damn mean son's of bitches...

To coin a phrase frequently used by the good ole boys.

[markie]

11. that's unfortunate...

the program is good on many counts... encourages domestic production, eases carbon emissions, and it was still there when I bought my new EV last month (unfortunately I found I had to buy into Tesla app so I can use their chargers on longer trips)

[cstanleytech]

12. Probably part of an agreement Musk made with Trump if Trump wanted his support.

Another reason their trying to destroy the FBI and cut the government workers so as to block any criminal investigations at the Federal level.

[Escurumbele]

15. Someone should start investing on hydrogen vehicles, China is and they have a few legs up the USA

That would definitely hurt Tesla.

Bill Clinton was at some talk show a few years after his presidency, and he was very clear about people investing in alternative energies, he said that it would keep Saudis in check, they would loose their dominance which is only due to oil, while helping the planet, but the USA has not listened.