Overview

• Former President Donald Trump's reelection has set the stage for a potential rollback of EV tax credits, a key component of the Inflation Reduction Act.
• Elon Musk, CEO of Tesla, supports the elimination of these credits, seeing it as a strategic advantage for Tesla given its established position in the EV market.
• The U.S. utility industry and auto manufacturers are lobbying to preserve the credits, emphasizing their importance for job creation and maintaining competitiveness against China.
• GM, the second-largest American EV maker, faces challenges as it continues layoffs and navigates potential policy shifts that could impact EV sales and profitability.
• Republican lawmakers in states with significant EV investments may play a crucial role in the debate over the future of these tax incentives.