The news occurs that Trump’s administration plans to revoke the EV tax relief launched by the Administration of Biden. Tesla, the largest producer of EV, supports the end of the loan, which has led people to speculate on the changes in the EV market for the impact of the completion of the loan.
EV tax relief
Now, reports suggest that the newly elected President Donald Trump’s administration will end the subsidies for the purchase of EV to the wider legislation on tax reduction. The report says that the transition team of the energy policy, led by Harold Hamm, met Trump several times and aiming for the Green Energy policy Biden.
The end of the EV tax relief will affect the millions of EV customers and slow down the EV transition to the market. Trump’s biggest fan Elon Musk will support the decision. The Automatic Innovation Alliance also encouraged the Congress to retain EV subsidies in his letter.
What are the points of view of EV at Trump’s end of EV loan?
The biggest manufacturer of EV -U is now Tesla and we all know that he is one of Trump’s supporters. Tesla representatives have reportedly supported the removal of the EV tax loans. In July, Elon Musk, the Tesla CEO, said that EV’s loan end would have little influence Tesla, but to create major problems with competition, such as General Motors.
Tax loan biden EVMrED people who buy EV vehicles, and the biggest loan user is Tesla, however, the company is fine with the end of the loan because it will affect their rivals, and Tesla is the largest player on the EV market, so he would not influence so much that he would actually use the company at a longer level.
Tesla can withstand the elimination of a subsidy that has achieved their purchase, but competitors will not be able to make up for the costs. However, other EV manufacturers did not comment on the recent teeth of the subsidies they end.
What do biden EV credit offer?
The EV tax loan introduced by Biden Administration offers tax reliefs to buy new electric or plug-in-hybrid vehicles from $ 4000 to $ 7500. The loan is offered only by vehicles made in Canada, United States or Mexico. The loan offered equals 30% of the vehicle sales price for used vehicles.
According to Biden EV tax loans, people can receive loans up to $ 7,500 for new EV and $ 4,000 for used EVs. According to EV loan rules, the Government also offers additional points for home chargers and storage of energy up to $ 1,000. Citizens can receive loans for EV that people buy for their use and use only in the US.
In order to receive tax breaks, the vehicle must meet the request for new and used vehicles, depending on their MSRP, the batteries components, the final installation location, the manufacturer and other qualifiers, while filling in the income threshold that is decided according to the application status.
How does EV loan complete the market?
The transition team focuses on the end of previous government policies of pure energy, however, seeing their popularity. However, it seems that the tax breaks are EV’s soft goal, and with its elimination market EV -Ai American economy will affect the following ways:
- Trump has promised a reduction in taxes in his campaigns, and savings from EV loan can be useful to pay trillion dollars to reduce taxes. Republicans made it clear that their first action would be tax reduction.
- Administration estimates this move will increase US oil production and recall energyMrY rules offering subsidies for solar and wind farms.
- The EV market will affect the amount of sales will affect the end of the EV tax loans. Analysts suggest that Tesla will benefit more from eliminating a loan than any other EV maker.
The newly elected president of the EV policy removal campaign, and from the report it seems that the first step is to eliminate the tax on EV next year. The transition team said that the decision on EV is still in the process, but ensures that the president will withstand his promises of the campaign, so that the final decision will be made after Trump has been acting.
