Official government announcements, executive orders, or legislative changes

Trump May End $7,500 EV Tax Credit, Considers Musk for Cabinet Role

Aug 20, 2024, 03:02 AM

Former President Donald Trump has stated that he would consider ending the $7,500 tax credit for electric vehicle purchases, describing it as 'ridiculous.' This policy change could significantly impact the electric vehicle market, particularly affecting Tesla, a major beneficiary of the credit. In an interview with Reuters after a campaign event in York, Pennsylvania, Trump expressed interest in offering Tesla CEO Elon Musk a cabinet or advisory role if he wins the upcoming presidential election. Musk has indicated his willingness to serve in such a capacity, even suggesting the creation of a Department of Government Efficiency (DOGE) to streamline government operations. The potential collaboration between Trump and Musk has sparked discussions about its implications for both government efficiency and the electric vehicle industry.