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
24 December 2025
As activity in the US Gulf has stagnated at a lower level, the government is taking steps to encourage fresh exploration and bolster field development work
23 December 2025
The new government has brought stability and security to the country, with the door now open to international investment
23 December 2025
A third wave of LNG supply is coming, and with it a likely oversupply of the fuel by 2028
22 December 2025
Weakening climate resolve in the developed world and rapidly growing demand in developing countries means peak oil is still a long way away
