As President Donald Trump's Big Beautiful Bill is officially signed into law, the bill scraps the $7,500 Federal EV credit on all purchases of new electric vehicles in the U.S.
What Happened: As the incentives are axed, EVs across the board are set to become dearer after September 30, 2025, when the incentives end. On Saturday, Business Insider compiled a list of vehicles set for a price hike from automakers like General Motors Co GM, Stellantis STLA, Ford Motor Co F and Tesla Inc. TSLA.
As for the list of vehicles from GM, it includes EVs from GM like the Chevrolet Blazer, Equinox and Silverado, as well as luxury-focused EVs like the Cadillac Lyriq, Optiq and Vistiq.
Detroit-based automaker Ford's F-150 Lightning pickup truck will get costlier.
Elon Musk's Tesla vehicles, like Model Y, Model X, the Cybertruck and the Model 3, are also going to cost more.
Why It Matters: The news comes as the new laws axe the federal EV credit, but also scrap the proposed $250 fee annual fee on all EVs. The law is another push in Trump's anti-EV stance.
The bill has caused a considerable stir, with Musk locking horns with Trump over the bill once again and vowing to found a new political party called the America Party.
However, Musk's decision has been met with criticism both from Trump, who called the idea a "train wreck" as well as experts, who suggest the move could be detrimental to Tesla.
Interestingly, Tesla stock has fallen over 5% in overnight trading following Musk's announcements regarding the party and his increasing involvement in politics.
Tesla offers satisfactory Momentum while scoring well on the Growth and Quality metrics, but the stock offers poor Value. For more such insights, sign up for Benzinga Edge Stock Rankings today!
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