Trump's transition team plans to eliminate the $7,500 EV tax credit, supported by Tesla's Musk.

President-elect Donald Trump's transition team plans to eliminate the $7,500 tax credit for electric vehicle (EV) purchases, a move supported by Tesla CEO Elon Musk. Musk argues this will hurt Tesla's competitors more than his company, potentially aiding Tesla's dominance. While this could impact the EV market, Tesla's scale and profitability position it to benefit from the policy change. The plan, part of broader tax reform, aims to help fund Trump's tax cuts and has faced opposition from the automotive industry.

November 14, 2024
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