Trump Team Targets $7.5K EV Tax Credit

Donald Trump's transition team is set to cut the $7,500 federal tax credit for electric vehicle purchases, potentially derailing the US's slow EV adoption. Tesla CEO Elon Musk downplays the impact on his company but warns other manufacturers could face a 'devastating' decline. Spearheaded by influential figures like billionaire Harold Hamm and Governor Doug Burgum, this move is part of wider tax reforms expected to clash with the extended credits from the 2022 Inflation Reduction Act. Congress, now Republican-controlled, may deliberate by early 2025.