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
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
The oil behemoth recognises the need to broaden its energy mix to reduce both environmental and economic risks
