If President-elect Donald Trump follows through on his threat to eliminate federal tax credits for electric vehicle purchases, it could potentially impact the adoption of EVs among consumers. Despite this, the automotive industry remains committed to the shift towards electric vehicles, having already invested over $160 billion in EV planning and production since 2021.
During his campaign, Trump criticized the tax credits for EV buyers, calling it a 'green new scam' that would harm the auto industry. His transition team is reportedly working on plans to abolish these credits and roll back fuel-economy regulations implemented by the Biden administration.
