President Biden implemented a tax credit of up to $7,500 to incentivize the purchase of greener vehicles. However, sources with knowledge of the matter told Reuters that Trump plans to ax the tax credit as part of his sweep of Biden's climate agenda. Stewart said axing the EV tax credit gives members of the auto industry the opportunity to shift back to traditional production lines. "The auto industry is investing billions of dollars in EV battery and EV manufacturing in the United States. The elimination of the tax credit could have differing effects across the auto industry, experts say.

Source: Fox News November 22, 2024 04:50 UTC