President Trump's recent tariffs are destabilizing the global economy, particularly affecting the electric vehicle (EV) sector in the U.S. EVs comprised about 8% of new car sales in 2024, driven by expanded tax credits from the Biden administration. While Tesla leads the market, other brands are increasingly offering competitive models. However, tariffs are raising production costs, complicating efforts to build a domestic EV supply chain. As a result, EV prices remain higher than traditional gas vehicles, posing challenges for consumers and manufacturers alike in a volatile market.
"Tariffs add on to the costs of an EV transition that was already volatile and uncertain, amplifying the financial challenges for both manufacturers and consumers."
"EVs remain more expensive than their gasoline counterparts, with average sales prices highlighting the growing financial burden on consumers amid tariff increases."
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