While the electric vehicle (EV) sector of the automotive industry in the United States recently announced the inflow of over $100 billion in investments, legally beleaguered former President Donald Trump continues to hold the ongoing move towards transportation powered by renewables in contempt.
Currently on the campaign train, Trump sneeringly declared the price of EVs was much higher than most Americans could afford, and that these vehicles can’t go a reasonable distance. In a way, one would think that the fallen President has a point, given how the shift toward EVs has been slow in the United States.
However, recent market action appears to have put Trump in the wrong as domestic demand for EVs continues to grow thanks to vast reductions in cost, a greater range of available models, as well as investments from both the public and private sectors.
Still, industry professionals worry that, if Trump returns to the White House, it’s possible that he could curtail the inflow of investments into the sector and leave US EV makers high and dry.
In this case, it is hoped within the sector that the incentives offered under the Biden administration’s Inflation Reduction Act (IRA) will give market demand a leg up.
To drive the point further, the US Environmental Protection Agency (EPA) continues to offer a number of tax incentives for EV makers in its push to ensure that electric transportation makes up two-thirds of new car sales in the country come 2032.
Though Trump and a number of Republicans continue to bash EVs, a number of their party mates in Congress have opened their arms in welcome to the shift. In fact, GOP-led regions account for over 50% of initiatives related to renewable energy under the IRA.
In the Southern United States, there has been a recent employment boom thanks to a number of major automotive players making the shift to EVs, as well as EV-centric firms like Rivian. Georgia, in particular, may just become a 21st-century Detroit as its governor, Brian Kemp, has vowed to make the state the national hub for electric mobility manufacturing.