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AMERICAS OIL PRODUCTS: EV Support Could Hold Key to Next US Election: Argus

AMERICAS OIL PRODUCTS
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Despite President Trump's criticism of the EV market and plans to abolish the $7,500 consumer tax credit for EVs, the US EV market may thrive during his term due to the Inflation Reduction Act, corporate tax breaks, support for Tesla owner Elon Musk, and an oil boom, Argus said.

  • Argus said that boosting the US’ EV market could be the best way to keep a Republican in the White House in 2028.
  • The Inflation Reduction Act, passed under Biden, has become a catalyst for EV investment, particularly in key swing states and Republican districts.
  • Nearly 60% of announced projects under the Inflation Reduction Act are in Republican districts, representing 85% of investment and 68% of jobs.
  • Major investments include Toyota's $13.9bn plant in North Carolina. Other swing states like Michigan, Georgia, and Texas have multiple supported projects.
  • The new Trump administration faces contradictions between Musk's EV interests and Trump's "drill baby drill" policy.
  • Meanwhile, oil majors ExxonMobil and Saudi Aramco are investing in lithium extraction, potentially benefiting from Trump's tax cuts and oil licence bonanza, leading to a greener America.

 

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Despite President Trump's criticism of the EV market and plans to abolish the $7,500 consumer tax credit for EVs, the US EV market may thrive during his term due to the Inflation Reduction Act, corporate tax breaks, support for Tesla owner Elon Musk, and an oil boom, Argus said.

  • Argus said that boosting the US’ EV market could be the best way to keep a Republican in the White House in 2028.
  • The Inflation Reduction Act, passed under Biden, has become a catalyst for EV investment, particularly in key swing states and Republican districts.
  • Nearly 60% of announced projects under the Inflation Reduction Act are in Republican districts, representing 85% of investment and 68% of jobs.
  • Major investments include Toyota's $13.9bn plant in North Carolina. Other swing states like Michigan, Georgia, and Texas have multiple supported projects.
  • The new Trump administration faces contradictions between Musk's EV interests and Trump's "drill baby drill" policy.
  • Meanwhile, oil majors ExxonMobil and Saudi Aramco are investing in lithium extraction, potentially benefiting from Trump's tax cuts and oil licence bonanza, leading to a greener America.

 

Keep reading...Show less