Biden’s EV Push vs. Trump’s Comeback: A Shock for the Auto Industry
There is a presidential election in the United States this year. There is a widespread discussion about the need to respond to Trump’s re-election. Amid this, concerns are emerging about changes to the EV (electric vehicle) strategy that Biden has actively pursued. Trump has already publicly declared that he will abolish Biden’s electric vehicle policy.
In recent years, unprecedented investments have been made in the US for domestic battery and electric vehicle production capabilities. This is due to the Biden administration’s policy and the pressure on the automotive industry to transition from CO2-emitting fossil fuels to electric powertrains. In fact, the White House announced that about $157 billion had been invested in the factories.
However, this year is an election year, and if Trump is elected instead of Biden, questions arise about what will happen to the projects that have been promoted so far. But Forbes predicted that it wouldn’t be so simple.
It’s not easy for many companies to stop the factories they are investing in and building. This is because it’s difficult to cancel the creation of numerous facilities and tens of thousands of new jobs. Ultimately, Forbes pointed out that many governors and members of Congress are unlikely to leave all these activities and future tax revenues to evaporate.