The auto industry is grappling with a sense of impending doom as the EV tax credit was removed on October 1. While things will undoubtedly get rough for some companies, the market has the capacity to self-adjust to the new reality. We are already seeing the signs today, as carmakers try to compensate for the loss of federal incentives.
American car buyers will no longer be able to deduct $7,500 from the price of an electric car, following the cancellation of the tax credit on September 30. Many, including those from the automotive industry, think this will be the end of electrification. In some cases, they thought that no one in their right mind would buy an electric vehicle without incentives and regulations. In others, many still consider high EV prices as the main barrier choking EV adoption.
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