US President-elect Donald Trump will reportedly repeal the nation’s electric vehicle (EV) subsidies when he comes to power next year, prompting fears for the uptake of battery-powered models in the region. News agency Reuters reports word from insiders close to Mr Trump that the federal tax credit for EVs, which can be worth up to US$7500 (A$11,625), will be axed in early 2025, just over two years since the latest version of the subsidy was introduced by current President Joe Biden. At present, the incentive is available for EVs built in North America and below certain price points – US$55,000 (A$85,250) for passenger cars, and US$80,000 (A$124,000) for pickups and SUVs – with just 16 models eligible for the full amount.
100s of new car deals are available through CarExpert right now. Get the experts on your side and score a great deal. Browse now .
EVs were a major target during Mr Trump’s election campaign, with the incoming President falsely claiming the US Government has mandates which will require electric vehicle (EV) sales to reach 100 per cent. He promised to repeal these if he was elected. While the US Environmental Protection Agency (EPA) does have a target for EVs to account for between 35 to 56 per cent of sales on the new vehicle market by 2032, this is not an enforcement or mandate, rather it’s an outline of what carmakers will need to do to meet wider emissions regulations across their fleets.
This EPA target was previously as high as 67 per cent befo.
