A Second Trump Term Could Have A Big Impact On The EV Industry
Insiders say he could roll back a number of Biden administration policies.
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Subscribe for free to get more stories like this directly to your inboxDespite receiving an endorsement from Tesla CEO Elon Musk, former President Donald Trump hasn’t exactly been the biggest cheerleader of the auto industry’s shift from gas to electric power.
Now he’s preparing to serve another term in the White House at a pivotal moment for EV producers. So how might Trump’s actions over the next four years affect the industry?
Speculation abounds
The short story is that we simply don’t know what the future holds, but that hasn’t stopped many political analysts from dissecting Trump’s previous policies and campaign promises in hopes of determining what he is likely to do upon re-entering office.
One prominent example is his vow to “end the electric vehicle mandate,” which could involve rolling back many of the pro-EV policies implemented under the Biden administration, such as:
- Tax credits for EV purchases
- Incentives for EV battery factories
- Funding for EV charging stations
American consumers continue to express concerns about EVs in general, from range limits to high costs, so some industry insiders worry that a Trump win will further dampen the market.
Winners and losers
While environmental activists, investors, and others might be wary of a second Trump term, one aspect of his platform could bode well for U.S. automakers.
Trump has advocated for increased tariffs, including on cheaper imported Chinese EVs, and if he follows through it would make American brands more competitive domestically.
“Tesla has the scale and scope that is unmatched in the EV industry and this dynamic could give Musk and Tesla a clear competitive advantage in a non-EV subsidy environment, coupled by likely higher China tariffs that would continue to push away cheaper Chinese EV players (BYD, Nio, etc.) from flooding the U.S. market over the coming years,” analyst Dan Ives explained.
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