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Trump's threats to pull electric car subsidies could kill U.S. jobs and give China an edge
Trump’s actions could allow Asian and European carmakers to take pole position in a fast-moving market.
President Donald Trump’s threat to eliminate tax credits for all electric vehicles could create potential chaos for an auto industry that is just ramping up its roll-out of battery-based vehicles that are sleek, efficient, family friendly — and growing in popularity.
More importantly, Trump’s actions could hit U.S. automakers particularly hard, and allow Asian and European manufacturers to take the lead — ironically, hurting U.S. demand and potentially reducing domestic jobs, observers warn.
While hybrids, plug-ins and pure battery-electric vehicles, or BEVs, currently account for less than 4 percent of total U.S. new vehicle sales, it’s a burgeoning market. This month’s Los Angeles Auto Show saw a flood of new all-electric models being introduced, ranging from a high-performance Audi sports car to a full-size Rivian pick-up truck.
But the EV market could come unplugged if the Trump administration follows through on threats to cancel the tax credits upon which many buyers have counted.
Read more on nbcnews.com