President Trump’s affinity for electric vehicles (EVs) lasted about as long as his government collaboration with Tesla (NASDAQ: TSLA) CEO Elon Musk did. Earlier this year, at a staged media event at the White House’s South Lawn, the president publicly announced that in support of Musk, he was purchasing a red Tesla Model S. But by June, amid their deteriorating relationship, the White House said the president was exploring options to sell or give away the vehicle.
Shortly thereafter, on July 4, the One Big Beautiful Bill Act (OBBBA) was signed into law, making it clear that the federal government was determined to inhibit the EV industry in the United States. A provision of the OBBBA outlined the end of the federal government’s EV tax credit—which in 2022 had been extended and revised by the Biden administration’s Inflation Reduction Act—as of Sept. 30, 2025.
