The blue wave sweeping across America could finally give the country’s struggling clean energy and electric vehicle segments the reprieve they need to recover from the Trump administration’s outright war on renewables. Democrat candidates scored the overwhelming majority of votes during the midterm elections as Americans turned on Republicans for, among other things, starting a war in the Middle East that triggered an international energy crisis.
Now that the Democratic party has secured the House and Senate, renewable energy and green technology have a real chance. The Biden administration passed key sustainability-related policies and invested tens of billions of dollars into building America’s renewable energy industry, but most of this progress was intentionally undone by the Trump administration.
$5 billion dedicated to constructing a nationwide network of public EV charging stations was rescinded, tens of millions in solar and wind energy grants were recalled, and the government even paid energy companies not to produce renewables in the U.S. Furthermore, the federal government cancelled the $7,500 subsidy for new electric cars, robbing the auto sector of financial aid that had helped thousands of Americans purchase EVs.
Lowering vehicle emission standards also reduced the incentive for automakers to build sustainable vehicles when most of them were already pulling back from EV production due to high prices and low demand. Most American carmakers slashed their electrification targets and budgets, with companies like Ford even halting production of their electric units.
As a result, America’s sustainability segment has seen a steep decline across President Trump’s second term. China’s EV industry is miles ahead of the U.S. in both production and capacity, with Chinese companies producing most of the world’s green infrastructure and technology, and adopting them at an unprecedented rate. Europe, although not as advanced as China in production, is adopting sustainable technology at a significantly faster rate than the U.S.
The fate of green technology seemed bleak when all arms of the government were under the Republicans but now that the Democratic party has clinched victory, renewable energy and electric cars could finally get a real boost. Hostile anti-renewable energy policies and decisions could finally get real pushback from the Democrats, and halt the current administration’s attacks on renewable energy.
With the ongoing U.S.-Iran war pushing energy costs to record highs, a Democratic Congress could deliver what the country needs to finally bring energy costs and inflation down: sensible energy policies and executable plans.
If that happens, electric vehicle firms like Lucid Motors (NASDAQ: LCID) could get a breather that allows them to capitalize on the revived regulatory and policy support that originally motivated them to get started on designing and producing innovative EVs.
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