Republican plan would axe EV tax break
The roll back of vital incentives would come just before a major push from carmakers to bring electric vehicles into the mainstream
The Republican proposal for sweeping changes to the American tax code holds some bad news for electric vehicles. The first draft of the law would eliminate the $7,500 federal tax credit that buyers of new EVs can claim, Bloomberg reports. This is a vital financial incentive for Tesla, Chevrolet and other EV manufacturers. The bill would immediately repeal the tax credit, which was put into place in 2011 as part of president Barack Obama's post-financial crisis recovery plan. The timing could hardly be worse for the EV industry. Dozens of new EV models are due to hit the road in 2019 and 2020 as the world's top automakers enter into the market. Many of these will be luxury vehicles aimed at b
Also in this section
21 August 2025
The administration has once more reduced its short-term gas price forecasts, but the expectation remains the market will tighten over the coming year, on the back of
19 August 2025
ExxonMobil’s MOU with SOCAR, unveiled in Washington alongside the peace agreement with Armenia, highlights how the Karabakh net-zero zone is part of a wider strategic realignment
19 August 2025
OPEC and the IEA have very different views on where the oil market is headed, leaving analysts wondering which way to jump
15 August 2025
US secondary sanctions are forcing a rapid reassessment of crude buying patterns in Asia, and the implications could reshape pricing, freight and supply balances worldwide. With India holding the key to two-thirds of Russian seaborne exports, the stakes could not be higher
