John Abraham, professor of mechanical engineering, spoke to WCCO-TV about how the new budget bill could affect electric vehicles. Nicknamed the “big, beautiful bill,” the new budget could cut EV tax credits.
Getting an electric vehicle could get more expensive if President Trump’s budget bill passes, taking away a tax credit for an increasingly popular way to drive. …
Trump’s “big, beautiful bill” could end the EV tax credit, but a Minnesota professor says it won’t ruin the market. Right now, federal tax credits for new EVs pay up to $7,500. For used EVs, it’s up to $4,000.
“They are comfortable, quiet, efficient, cheap, you don’t have to bring your car in to get serviced as often,” said John Abraham, a professor at the University of St. Thomas. He thinks even if credits go away, EVs will stick around.
“It will soften demand, but it will not ruin the market at all,” Abraham said. “The EV market is here to stay. Some people make their decisions based on wanting to become a good steward for the environment, but other people are making the decision based on their pocketbook. And we’ve reached a point with this technology where you can save money and the environment at the same time. It’s a win-win situation.”
