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Despite Trump Threat to Tax Credits, Auto Industry Continues Shift to EVs

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Carmakers won't reverse their $160 billion investment in vehicles that don't use fossil fuels, while EV startup Rivian gets financing for a Georgia factory.
The article from Inc. discusses the ongoing shift of the U.S. auto industry towards electric vehicles (EVs) despite former President Donald Trump's threats to eliminate tax credits for EVs. Despite these threats, major automakers like General Motors, Ford, and Stellantis are continuing to invest heavily in electric vehicle production. The Biden administration has set ambitious targets for EV adoption, aiming for 50% of new vehicle sales to be electric by 2030. This push is supported by significant investments in EV infrastructure and manufacturing, with companies like GM planning to produce 1 million EVs annually in North America by 2025. The industry's commitment to EVs is also driven by consumer demand, environmental considerations, and the need to comply with increasingly stringent emissions regulations. The article highlights that while political rhetoric might influence policy, the economic and environmental imperatives are driving the automotive sector towards electrification.

Read the Full Inc Article at [ https://www.inc.com/associated-press/despite-trump-threat-to-tax-credits-auto-industry-continues-shift-to-evs/91024529 ]