Official announcement or legislation from the U.S. government

Trump Transition, with Tesla Support, Plans to Eliminate $7,500 EV Tax Credit

Nov 14, 2024, 05:26 PM

The Trump transition team is planning to eliminate the $7,500 consumer tax credit for electric vehicles (EVs), according to sources cited by Reuters. This move is seen as an easy target for elimination with broad support in the new Republican Congress. Tesla ($TSLA) representatives have also indicated their support for ending the EV subsidy, aligning with the transition team's view that the subsidy is no longer necessary. President-elect Trump has pledged to kill green energy tax credits, but much of the EV industry can survive and grow without these subsidies.