Next Week’s Election Is Poised To Have A Major Impact On The Auto Industry

We’ve all been inundated with political advertisements this year warning us of what’s at stake in the upcoming presidential election. One topic that hasn’t gotten much attention at all, however, might be among those most directly impacted by the outcome.

The EV factor

Let’s address the elephant in the room: Electric vehicles have long been touted as a greener alternative to gas-powered cars, but sales aren’t as brisk as environmentalists (or automakers) would prefer.

And that’s where business intersects with politics.

The Biden administration has been a proponent of pro-EV policies, including rebates meant to boost sales and investments in charging stations.

Democratic nominee Kamala Harris, who has spent four years as President Joe Biden’s vice president, is expected to maintain a similar if not bolder agenda if elected.

Former President Donald Trump, on the other hand, has frequently disparaged the push for EV adoption and vows to roll back such policies implemented by Biden.

While it might be up to individual drivers to determine which vehicle is right for them, our elected leaders can tip the scale in one direction or the other. Both Harris and Trump appear to be in a position to do exactly that on the topic of EVs.

A tough sell

Polls indicate that voters are largely in agreement with the respective EV policies of the candidates they support. But the undeniable truth is that many consumers across the political spectrum simply aren’t willing to make the switch.

Only about 3 in 10 Americans said they would even consider an EV when they buy a new vehicle — and there’s no evidence that number will be increasing any time soon. Between 2023 and 2024, the percentage of EVs among all vehicles sold dropped from 8.8% to 6.8%.

Chris Agee October 30th, 2024

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