Trump Ruins Another Green Initiative

The nation is less than two weeks away from the end of the $7,500 EV tax credit. It did not apply to all EVs, but it would be impossible to say it was not an incentive. EVs are priced, on average $10,000 more for new cars. The tax credit almost leveled the field.

What happens when the credit expires? Almost anyone with a deep level of the EV ministry believes sales of new EVs will flatten or fall. The most pessimistic mainline forecast, from iSeeCars, is that EVs will go from 8% of all new car sales to 4% in 2026, 2027, and 2028. Years ago, car companies and the federal government believed the figure would be closer to 50% by 2030. Car companies retooled based on that plan. Many have lost billions of dollars based on that assumption. The losses are not over

EV Investment Falling

EVs have faced barriers since the first day. Charging time, number of public charging stations, and range were at the top of that list. The federal government could have greatly helped the problem of public charging stations through investment or loans to charging station companies. They did not. 

Whatever the federal government might have done to help EV adoption in the past is gone. New regulations mean that large car companies will throttle back on their investments. This means if adoption does gain speed again, it will take them a long period of time to move back into the EV business at scale.

Finally, EVs were supposed to be a major part of dropping greenhouse gas emissions, at least for the US. With a sharp drop in their sales, it will be another reason American has retreated from its green energy plans.

Sponsor

Find a Vetted Financial Advisor

1. Finding a fiduciary financial advisor doesn't have to be hard. SmartAsset's free tool matches you with up to 3 financial advisors that serve your area in 5 minutes.
2. Each advisor has been vetted by SmartAsset and is held to a fiduciary standard to act in your best interests. Get on the path toward achieving your financial goals!

More from ClimateCrisis 247

• Less Than 2% Of US Cars Are EVs
• Cheap Batteries Become Key To US EV Success
• EV Industry To Be Shattered By 50% Drop In US Market Share
• Will Waymo Save On Gas Money?