President-elect Donald Trump's victory is expected to usher in a period of uncertainty for the U.S. electric vehicle industry. Trump has previously expressed intentions to roll back vehicle emissions standards and incentives that promote EV production and adoption.
Analysts speculate that a Trump administration could target federal consumer tax credits, which currently offer up to $7,500 for EV purchases. While a complete gutting of the Inflation Reduction Act is deemed difficult, executive orders could limit EV subsidies.
Industry observers indicated that EV startups like Lucid Group and Rivian would have benefited more from a Democratic win. The potential reduction or elimination of EV incentives could impact demand and increase competitive pressures for Lucid.
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