The Trump transition team is reportedly planning to cut electric vehicle programs. This includes the $7,500 tax credit and Biden's $7.5 billion EV charging station initiative. The team proposes reallocating funds toward national defense efforts, battery material production, and critical infrastructure. Plans include imposing global tariffs on battery materials, waiving environmental reviews for federally funded EV projects, and ditching mandates to electrify federal fleets. Elon Musk and analysts suggest ending the tax credit could benefit Tesla by weakening its competitors, particularly traditional automakers.
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00:00It's Benzinga bringing Wall Street to Main Street.
00:02The Trump transition team is reportedly planning to cut electrical vehicle programs.
00:06This includes a $700 tax credit and Biden's $7.5 billion EV charging station initiative.
00:12The team proposes reallocating funds towards national defense efforts,
00:16battery material production, and critical infrastructure. Plans include imposing
00:21gold tariffs on battery materials, waiving environmental reviews for federally funded
00:25EV projects, and ditching mandates to electrify federal fleets. Elon Musk and analysts suggest
00:32adding the tax credit could benefit Tesla by weakening its competitors,
00:35particularly traditional automakers. For all things money, visit Benzinga.com slash GSTV.