EV Tax Credit Likely Gone, Tariffs Next? Are you still a Scout buyer without $7500 tax credit?

[Roger 123]

Credit vs deduction is just semantics. Yes, it's a *credit* but I took issue w/ labeling it a *subsidy*.

Regardless, you point out the REAL problem is that the govt does NOT reduce spending and spends more than it takes in REGARDLESS of who pays what.

$36T+ national debt
$1.8T+ 2024 budget deficit
$106B+ to Ukraine
$2B+ in EV tax credits since 1/1/2024

Enough said.

Like Elon said, eliminate ALL subsidies incl. the ones for oil & gas that have been paid for decades!

Level the playing field and let the market decide based upon consumer demand.

I 100% agree!

 

[AndyS_OSU]

Credit vs deduction is just semantics. Yes, it's a *credit* but I took issue w/ labeling it a *subsidy*.

Regardless, you point out the REAL problem is that the govt does NOT reduce spending and spends more than it takes in REGARDLESS of who pays what.

$36T+ national debt
$1.8T+ 2024 budget deficit
$106B+ to Ukraine
$2B+ in EV tax credits since 1/1/2024

Enough said.

Like Elon said, eliminate ALL subsidies incl. the ones for oil & gas that have been paid for decades!

Level the playing field and let the market decide based upon consumer demand.

My problem with what Musk said is that it focuses on equality instead of equity. The idea of ending oil and gas subsidies is a long time coming. That said, lobbying has to be addressed as well if you want a true level playing field. Oil and gas has remarkable sway in DC. True EV startups don’t have near the influence.

 

[timmyhil]

Let’s stop the talk on the tax credit which is still a rumor.

Let’s remember that the house has to vote on it and if it passes it goes to the senate, I'm sure they will look into all the details before passing it. They cant just be like hey lets ride up the president elects a$$. If they did that they wouldn't have been voted into their position.

 

[rivianwho]

My problem with what Musk said is that it focuses on equality instead of equity. The idea of ending oil and gas subsidies is a long time coming. That said, lobbying has to be addressed as well if you want a true level playing field. Oil and gas has remarkable sway in DC. True EV startups don’t have near the influence.

If by *equality* you mean equal playing field for all competitors in a free market then, yes please!

Again, when the *original true EV start up*--Tesla started, there were ZERO EV and/or charger network subsidies competing against oil & gas subsidies and Tesla built the EV market from ground up not making a profit for 10+ years competing against the legacy automakers led by GM who now want subsidies to catch up.

 

[rivianwho]

Let’s stop the talk on the tax credit which is still a rumor.

Let’s remember that the house has to vote on it and if it passes it goes to the senate, I'm sure they will look into all the details before passing it. They cant just be like hey lets ride up the president elects a$$. If they did that they wouldn't have been voted into their position.

It's more than a rumor; it's a *publicly declared* promise by an administration that is now aligned w/ the Senate and House to deliver on all declared promises, since MANY of them were in fact voted into their positions this election to undo the current administrations policies by a clear voter mandate.

 

[timmyhil]

It's more than a rumor; it's a *publicly declared* promise by an administration that is now aligned w/ the Senate and House to deliver on all declared promises, since MANY of them were in fact voted into their positions this election to undo the current administrations policies by a clear voter mandate.

Last time they voted to reduce it, many democrats voted with the GOP to reduce the credit. So obviously its not only the GOP who want to get rid of the tax credit.

 

[dleepnw]

Are you sure you even qualify for the tax credit since they added the income class warfare threshold?

I pre-ordered my Rivian R1S w/o regard to the tax credit which I did end up getting the full $7,500 since Rivian found a loophole whereby they offered to convert $100 of the pre-order $1,000 refundable deposit into a $100 non-refundable sales agreement if signed before the Bidenflation Increase Act (aka Inflation Reduction Act) was signed on 8/15/2022; so, I signed it in 7/22, took the $7,500 deduction on my 2022 tax return and didn't take delivery until 6/23.

Now, I don't qualify due to income thresholds, so WHEN they terminate the tax deduction, it won't matter to my Scout preorder.

i dont but it surely impacts those that do and i was also trying to say it impacts the entire US EV industry as a whole

 

[OneMore]

A tax credit does not sway me in either direction.
In my case the Terra will need to be compelling to buy based on the quality, features, range and usefulness. The pricing needs to be competitive with the market.

 

[joeelectric]

I will Not purchase any Scout if there is not a $7500 tax credit. I would purchase a Rivian or Tesla. BTW, there have been no talks of eleminating the tax credit.

 

[timmyhil]

I will Not purchase any Scout if there is not a $7500 tax credit. I would purchase a Rivian or Tesla. BTW, there have been no talks of eleminating the tax credit.

Thank you, for also sharing that this is just a big rumor that everyone is so worried about.

 

[NukeDukem]

No surprise the new administration is going to try to kill this. Also no surprise is Elmo supporting it. He knows this will hurt other manufacturers way more than Tesla, especially those like Lucid, Rivian, and Scout and to a lesser degree legacy automakers.

At least Scout is a couple of years away from production but if the tax credit is gone then, it will definitely impact some customers from buying a Scout.

And for those arguing that we should remove the EV tax credit, ICE manufacturers and oil companies have gotten incentives/credits for decades in some form or another so its not really unique to EVs.

Tariffs are likely coming which we know will impact costs of good/parts. Somehow I have a hunch this won't impact Tesla much either. If you think it will be implemented evenly and fairly across all auto manufacturers you are living in a fantasy world, its going to hurt other companies way more (unless somehow they figure out how to get on DT's side).

Not trying to be political here. I hate politics, on both sides of the aisle. Just trying to read the tea leaves and share my glass-half-empty opinion on where things might head with the new administration. Sad to see the EV momentum of the past 10-12 years potentially get lost. even if you didnt qualify for the tax credit before, its about the entire EV industry being impacted - all boats rise/fall with the tide.

I mentioned a few weeks ago to expect laws to be passed favouring Tesla and making it more difficult for competitors. Expect more bad news for the EV world in the spring.

 

[NukeDukem]

I agree let’s stop politics here what happens happens personally I love the election outcome, i think this is gonna be huge for the American car industry. (Not a Political statement at all just my opinion and thoughts)

I hope you're right but I'm worried about the EV market, not the auto industry as a whole. They'll be fine.

 

[timmyhil]

I hope you're right but I'm worried about the EV market, not the auto industry as a whole. They'll be fine.

Already used car prices are dropping which is huge for the market!

 

[NukeDukem]

Already used car prices are dropping which is huge for the market!

Yeah, it's nice to see vehicles becoming affordable again.

 

[timmyhil]

Yeah, it's nice to see vehicles becoming affordable again.

Thats what we want, because it will begin to make the new car prices drop, making them more affordable.