US Electric Vehicle Demand Seen Plunging 27% Without Tax Credit

November 19, 2024

Bloomberg

Bloomberg references Energy Institute Faculty Affiliate Joseph Shapiro‘s research on the effects that Trump’s initiatives towards EV vehicle credits would have on future trends in the EV market.

“US auto stocks fell last week on reports that President-elect Donald Trump may try to kill the $7,500 credit, which was part of the 2022 Inflation Reduction Act. Removing it could cut future EV demand by 27%, said Joseph Shapiro at the University of California, Berkeley. Annual EV registrations in the US could fall by 317,000 cars compared to what they would have been if the credit remained intact, according to Shapiro…”

Read more on EV tax credits in Yahoo Finance and The New York Times

Photo: bloomberg.com