The expansion of the child tax credit remains in effect until the end of next year, but the plans of the incoming Trump administration will have a major impact on its future.

For the automotive industry, reports that President-elect Donald Trump and his team are looking to repeal the $7,500 federal tax credit are not surprising. However, the effect of a potential repeal could be massive for automakers betting on EVs being the future.

The auto industry is sending an urgent message to President-elect Donald Trump: spare the $7,500 electric vehicle tax credit. In a November 14th letter to Trump and his transition team, the auto industry’s main lobbying group urges the new administration to preserve incentives for EV buyers and manufacturers that were enacted under President Joe Biden,

Prospective car buyers considering an electric vehicle may need to act fast to get a Biden-era EV tax credit worth up to $7,500, due to the likelihood that President-elect Donald Trump and Republicans on Capitol Hill will axe those savings in tax negotiations next year,

Republicans have long opposed the $7,500 federal tax credit for electric vehicles contained in the Inflation Reduction Act (IRA). Now, it seems

President-elect Donald J. Trump wants Congress to repeal a $7,500 electric vehicle tax credit. Doing so would hurt American automakers.

One advocate is pushing the incoming Trump administration to keep the electric-vehicle purchase tax credit: the traditional auto industry. That might surprise investors. Ford Motor and General Motors lose billions selling EVs and make many more billions selling traditional gasoline-powered vehicles.

Automakers who have invested billions in electric tech now fear they’ll be rendered uncompetitive if the new administration drops customer incentives