Trump wants to end US$7,500 electric car tax credit

Larry Kudlow, a senior economic advisor to President Donald Trump, has said he wants to end the US$7,500 tax credit to buyers of EV and PHEV cars.

Trump is angry at GM over its plans to close five factories, and cut its workforce by 15%. He has talked about talking away the subsidies from GM.

“As a matter of our policy, we want to end all of those subsidies,” Kudlow said. “And by the way, other subsidies that were imposed during the Obama administration, we are ending, whether it’s for renewables and so forth.”

Kudlow wasn’t sure when the tax credit would end. “It’s just all going to end in the near future. I don’t know whether it will end in 2020 or 2021,” he said.

“I think legally you just can’t,” Kudlow said. He stated any changes to subsidies would affect all automakers.

With the Democrats set to take control of the House from 2019, it’s unlikely any changes will take place.

Source: Reuters

donald trumpelectric carsev
Joshua Thompson

Joshua Thompson

News editor — Joshua deals with numbers for a living, but cars are his lifelong passion. He loves all, from his dream Stingray through to his first car, a Mercury Tracer.

Trump wants to end US$7,500 electric car tax credit