Trump's Plan to End EV Tax Credit Sparks Industry Concerns

President-elect Trump's proposal to eliminate the $7,500 EV tax credit could reshape the U.S. auto industry landscape.

The $7,500 EV tax credit, part of the Inflation Reduction Act, has significantly boosted electric vehicle adoption in the U.S.
Tesla, led by Elon Musk, supports the removal of the tax credit, which could hurt competitors more than Tesla itself.
Legacy automakers like Ford and GM rely on the credit to offset EV production costs, making its repeal a potential setback.
Industry experts warn that removing the credit could delay U.S. EV market growth and give China a competitive edge.
Congressional approval is needed to repeal the credit, with potential resistance due to its economic benefits in key states.