US election will set pace for electrification and net zero

US citizens will go to the polls to elect a new president on 5 November 2024. Incumbent Joe Biden’s tenure has been marked by several progressive policies to advance the development of electric mobility, most notably the Inflation Reduction Act (IRA). However, following a 27 June debate against Republican rival Donald Trump, a survey by CBS News found that 72% of registered voters questioned Biden’s cognitive capacity to continue serving.

On 13 July, Trump survived an assassination attempt during a rally in Pennsylvania, sustaining only a minor injury and remaining outwardly defiant for the crowd. Reuters noted that the value of the dollar subsequently rose as a landslide victory for the Republican nominee became increasingly likely.

Trump has been vocal in his opposition to policies favouring electric vehicles (EVs)—a 13 June 2024 article by Bloomberg reported that he called them “crazy” and a threat to domestic autoworkers. As such, some degree of reversal is anticipated should the former president return to the White House. This destabilisation could have significant ramifications not only for the automotive industry but the broader push for clean energy.