Trump, EV and Big Beautiful
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The One Big, Beautiful Bill Act was passed by the Senate. If the House passes the bill during reconciliation, American car buyers could lose out on major EV incentive.
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Trump Cuts EV Tax Credits—Hyundai Could Lose Nearly $1BPresident Donald Trump's recent signing of a bill to prematurely end electric vehicle (EV) tax credits has raised serious concerns about the potential impact on the Korean auto industry. Previously, the United States offered generous tax incentives for electric vehicles,
The legislation cuts off federal tax credits for electric vehicles and residential solar by the end of the year.
Rivian's founder and CEO RJ Scaringe says the elimination of the federal EV tax credit and other incentives will put America behind, but push his company ahead in the long run.
The bill, which will end subsidies for electric vehicles, favors gasoline-powered cars, said the head of the Chinese group.
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Stocktwits on MSNAuto Group Chief Says Trump’s Megabill Is A Win For Chinese EV Makers: ReportThe head of a Chinese auto industry group is reportedly of the opinion that President Donald Trump’s tax bill is a win for Chinese EV companies globally, as it favors gasoline-powered cars over electric ones.
Shares of electric vehicle maker Tesla tumbled 7% as the feud between CEO Elon Musk and Trump reignited over the weekend.
Lawmakers would eliminate a $7,500 tax credit for households that buy or lease new EVs, as well as a $4,000 credit for consumers who purchase used EVs.
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Stocktwits on MSNElon Musk-Led Tesla Urges Buyers To Take EV Deliveries Before Sept 30 After Trump Administration Kills $7,500 Tax CreditEV giant Tesla Inc. (TSLA) is urging potential customers to take delivery of their new vehicles before September 30 to qualify for $7,500 federal tax credit. Tesla shares were down 0.4% at the time of writing.
The $7,500 tax credit that car shoppers can use for new EV purchases is set to expire at the end of September, according to the tax and spending bill that passed the House of Representatives on Thursday.