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White House Affirms Goal to Drop All EV Subsidies
The Trump administration aims to end all subsidies for electric vehicles, says Lawrence Kudlow, the president’s top economic adviser.
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The Trump administration aims to end all subsidies for electric vehicles, says Lawrence Kudlow, the president’s top economic adviser.
Kudlow was explaining what President Donald Trump meant last week when he threatened to cut off subsidies to General Motors Co. Trump made the comment as a retaliatory threat after GM announced on Nov. 26 it plans to close five factories in the U.S.
The EV stimulus program launched during the Obama era has given buyers of all-electric cars a tax credit of $7,500 on the first 200,000 EVs sold by each manufacturer. The Wall Street Journal says it isn’t clear whether Trump has the authority to cancel the program, which was enacted by Congress.
EV makers have been lobbying Congress to extend the program because sales of such vehicles are beginning to gain traction.
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