EV Demand Could Drop 27% Without Tax Credit
$Tesla (TSLA.US)$ Eliminating the U.S. electric vehicle tax credit would dent future EV demand — perhaps by more than a fourth — while providing a trivial boost to gasoline consumption, economists estimate.
U.S. 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 U.S. could fall by 317,000 cars compared to what they would have been if the credit remained intact, according to Shapiro and Felix Tintelnot at Duke University.
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