The $7,500 EV tax credit is on life support as President-elect Trump indicates plans to repeal it, potentially causing a 27% drop in EV demand.
Experts predict revoking the EV tax credit will deter market penetration, with 317,000 fewer EVs on the road each year if the repeal goes through.
The removal of the EV tax credit could lead to Americans consuming around 155 million extra gallons of gas in the first year, despite the minimal impact on gasoline consumption overall.
With American automakers facing challenges in creating affordable EVs, the tax credit's removal could create significant setbacks in progress toward widespread electric vehicle adoption.
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