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Trump may remove IRA EV tax credits with Tesla’s support

While killing the subsidies will dampen EV sales for all US automakers, Elon Musk believes it will “devastate” Tesla’s competitors. By Stewart Burnett

The implications of a second Trump administration on US electrification are becoming increasingly apparent. Citing two sources familiar with the matter, Reuters reported on 14 November 2024 that the president-elect’s transition team is planning to end the US$7,500 consumer tax credit for new electric vehicle (EV) purchases as part of its broader tax reform agenda.  

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