A recent speech by Republican presidential candidate Donald Trump has left electric vehicle investors feeling jittery. While speaking in Milwaukee after he resumed his campaign, the former president slammed the use of federal funds to subsidize the installation of battery electric vehicle chargers and promised to reduce energy costs. His statements have left EV investors in the country unsure of how Trump will handle low-carbon technologies such as battery electric vehicles (BEVs) and what his energy agenda will be if he secures another term in the White House.
Trump referred to EV charging station subsidies as a “ridiculous and incredible waste of taxpayer dollars” that is driving America’s inflation crisis and said his administration would end the subsidy program. He also decried the current administration for spending trillions of dollars on issues related to the “green new scam,” potentially alluding to a regime that would severely limit federal investment in electrification in favor of fossil fuels.
Although Trump’s views on new energy vehicles and renewable energy weren’t exactly unexpected, many electric-vehicle investors worry that those views could limit investment in America’s nascent EV sector before the sector truly takes off. The former president’s position on equally critical renewable infrastructure such as solar panels and carbon capture and storage (CCS) is still unknown and could go either way, depending on the top energy advisers he chooses.
However, Trump’s antielectric vehicle rhetoric and the promise for reduced federal investment in EV chargers could face significant pushback from Congress, states, activists, trade groups and businesses that are currently benefiting from EV-related funding from the federal government. America’s electric-vehicle segment has experienced rapid growth over the past decade and is now in a transitional state as it moves away from the early-adopter market to regular consumers who make up the majority of the country’s EV market.
But while it seems like a second Trump administration would be detrimental to electric cars, all signs indicate that the oft-controversial presidential candidate has little actual interest in electric cars. His anti-EV sentiments are most likely an attempt to appeal to Republican voters who believe that criticizing EVs is an integral part of the GOP’s platform. As this group comprises the majority of GOP voters in the country, appealing to it could be the key to securing Republican votes.
The Republican Party and many of its members are opposed to anything that even remotely smells of environmentalism. Since electric cars are designed from the ground up to help preserve the environment, supporting or even remaining neutral on EVs could jeopardize Trump’s chances of attracting GOP voters. If Donald Trump is elected again, his odds of successfully eliminating EV subsidy programs are slim.
Carmakers such as NIO Inc. (NYSE: NIO) and others, both domestic and foreign, are likely to take a keen interest in how the views of the different presidential candidates could shape the EV policies of the next administration in Washington.
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