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The $7,500 EV tax credit is on Trump’s chopping block

Republicans have long opposed the $7,500 federal tax credit for electric vehicles contained in the Inflation Reduction Act. Now, it seems President-elect

Despite the seeming risk for Tesla, the company’s CEO Elon Musk (who is also a Trump ally) has previously supported removing the subsidy. Of course, Republicans will have to evaluate some of the provisions established in the EV tax credit, which are designed to incentivize domestic manufacturing and to make the U.S. less reliant on exports from China. To qualify for the EV tax credit, vehicles must be assembled in the United States, and certain battery components and critical mineral sourcing requirements must also be met.

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