· 2 min read
illuminem summarizes for you the essential news of the day. Read the full piece on CNBC or enjoy below:
🗞️ Driving the news: President-elect Donald Trump’s victory has cast uncertainty over the U.S. electric vehicle industry, as he has vowed to cut incentives and emissions standards that support EV production
• Trump’s administration could roll back key provisions of the Inflation Reduction Act (IRA) related to consumer and production tax credits for EVs
🔭 The context: Republicans, led by Trump, have criticized EV policies as overly burdensome on traditional automakers and consumers
• Despite these challenges, some automakers like GM and Ford are poised to adapt, with both signaling a willingness to work with the new administration
🌍 Why it matters for the planet: The potential rollback of federal EV incentives threatens to slow the U.S. shift to clean transportation, potentially increasing emissions and stalling climate progress
• California’s strict zero-emissions mandates could also face renewed federal resistance, affecting nationwide EV sales goals
⏭️ What's next: Trump may limit federal tax credits for EV buyers, but major automakers, especially in EV-friendly states, are expected to keep investing in electrification
• Analysts predict Tesla may remain resilient, while newer EV startups like Rivian and Lucid could face significant challenges without robust federal support
💬 One quote: “The IRA will probably have some adjustments … I don’t think the IRA will go away” – David Rubenstein, co-founder of The Carlyle Group
📈 One stat: EV market shares reached 10% or higher in just 11 states plus Washington, D.C., as of this year, reflecting regional disparities in EV adoption
Click for more news covering the latest on mobility tech
