Automakers like General Motors, Toyota North America, and Ford have pledged $1 million contributions to president Donald Trump's inauguration.
Ford CEO Jim Farley said that he was optimistic that Trump would help automakers sell their electric vehicles, reported Reuters.
The donations to Trump's inaugural fund comes amid his administration working to create plans to cut electric vehicle (EV) funding and incentives like a $7500 EV tax credit, despite the U.S. Treasury releasing data that shows consumers have saved more than $2 billion from EV adoption.
While automakers are donating to Trump's inaugural fund, experts forecast Trump's steep car tariffs on imports from Mexico and Canada, could push the EV market behind locally, said Electrek.
Chief executive officers for companies such as Meta, OpenAI, Robinhood Markets and Amazon have also publicly announced their plans to give $1 million donations towards Trump's inauguration.
