US President Donald Trump’s axing of lucrative electric vehicle subsidies will dent sales of major US car manufacturers, but it won’t put the brakes on EV adoption, analysts said.
Trump’s “big, beautiful bill” kills $7,500 tax credits for EV customers on Sept. 30, likely prompting a buying frenzy before the deadline: “This is going to be the summer of the EV,” an industry advocate told CNBC.
And while Trump’s anti-EV policies will impact automakers like Tesla, an economist estimated that around 37% of new cars purchased in 2030 will be electric, given customers’ access to cheaper and better models, Bloomberg reported. Ford also intends to press ahead with its partially completed $3 billion battery factory in Michigan.
AD