Inadvertently, Donald Trump may have provided an expected boost to EV sales this quarter, as the EV incentives are set to disappear at the end of September. While people rush to buy an EV while the credit is still available, Tesla is expected to report a very positive third quarter. However, keeping momentum will be the hardest part.
Donald Trump has always hated electric vehicles and everything related to clean transportation, clean energy, and other clean stuff. Not because he believes that they are inherently bad but because he associates them with left activists, the so-called "woke spirit," and, ultimately, the Democrats. Six months after being sworn in, Trump fulfilled his wish to scrap most EV, battery, and clean energy incentives that Biden had included in his Inflation Reduction Act (IRA).
There are several ironies at play here, the first being that Trump (and the Republicans who helped pass the bill) removed the money that funded clean projects in mostly red states. Citizens of these states will be among the most affected by scrapping these incentives. By voting for the bill, Republicans jeopardized the livelihoods of their constituents.
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