Trump is planning to propose Congress kill a $7,500 consumer tax credit for electric cars

[JohnSJ]

Automaker stocks fell Thursday after Reuters reported Trump is planning to propose Congress kill a $7,500 consumer tax credit for electric cars (this despite his new right-hand man being Tesla co-founder Elon Musk) as part of a promised attack on efforts to cut fossil fuel use. Rivian shares slid 11% and Ford and GM pared earlier gains. Tesla fell nearly 5%, though Reuters says Musk doesn’t mind because killing the credit will damage his rivals. The credit is a signature element of President Joe Biden’s Inflation Reduction Act, which poured billions of dollars into supporting the green transition and on-shoring EV manufacturing. A repeal—which would have to be passed by Congress—would complicate the already bumpy transition away from gas-burning cars. Automakers have pared back plans around EVs this year—Ford scrapped an electric SUV and GM is overhauling its battery plans—on consumer demand for hybrids instead.

https://www.reuters.com/business/autos-transportation/trumps-transition-team-aims-kill-biden-ev-tax-credit-2024-11-14/

[NameAlreadyTaken]

1. And the $4000 credit for used EVs?

We were planning to buy a used plug-in hybrid which has a $4k tax credit if you qualify and the car qualifies.

[dweller]

2. Musk doesn't mind because killing the credit will damage his rivals.

All the moves of a petty tyrant

Not to help the citizens , just to help himself


✌🏻

[Buckeyeblue]

3. So Trump is raising taxes?

Any elimination of tax credits needs to be communicated as a tax increase.

If I was the Democratic leadership I would say, Trump is not even president and he is already proposing raising taxes on hard working Americans. Was this part of his campaign?

[roamer65]

4. Small 4 cyl ICE cars in the meantime.

I love when I get 47 mpg from my Chevy Cruzes.