The Republican presidential candidate, Donald Trump, stated that he is open to appointing Elon Musk to the cabinet or to an advising position and that he would consider eliminating the USD 7,500 tax credit for electric vehicle purchases.
When asked about EV credits in an interview, he stated that “tax credits and tax incentives are not generally a very good thing.”
When asked if he would appoint Tesla CEO Elon Musk to an advisory or cabinet position, Trump responded in the affirmative, calling Musk a “brilliant guy, a very smart guy,” and said that if Musk did it, Trump would do it for sure.
Elon Musk openly supported Donald Trump in the US presidential contest earlier in July.
In the event that Trump is elected, he may ask Congress to completely remove the USD 7,500 credit or he may take action to reverse Treasury Department regulations that have made it simpler for auto companies to utilize it.
Trump attempted to abolish the EV tax credit during his presidency; however, President Joe Biden extended it in 2022.
According to Trump, there will be no “final call” on the EV tax credit. In addition to being a “huge fan of electric cars,” he also expressed his admiration for gasoline-powered vehicles, hybrids, and anything else that came up.
In order to comply with tighter pollution regulations, he indicated he would revoke the Biden administration’s regulations. He also stated he saw a “much smaller market” for EVs due to concerns about cost and battery life.
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