The election season continues to heat up, with Vice President Kamala Harris likely clinching the Democratic nomination. Meanwhile, former President Donald Trump continues to campaign across the country, promoting his potential future policies, one of which is rolling back many of the Biden administration's EV policies.
General Motors CFO Paul Jacobson (GM) sits down with Yahoo Finance Executive Editor Brian Sozzi to give insight into the current political landscape and how either candidate may impact the auto sector if they win in November.
On the $7500 tax credit and some of the other EV initiatives potentially being wiped away by Trump, Jacobson comments: "I think we've obviously benefited from some of the jobs incentives and industry creation, but we've created thousands of jobs at our battery cell plants, module assembly, etc. And these are good, strong union jobs by American workers. So we're going to continue to invest. We're in this for the long term because, as we see it, it's about consumer choice."
He adds, "We've seen a slowdown in some of the demand growth across the board. And we get a lot of inquiries in the $7,500 tax credit. And we think it's an important tool for some consumers today. But there are others who don't qualify for it or otherwise don't get it. And they're buying electric vehicles as well. So we've always been focused on what the long term is. And the long term is we need to reduce our costs."
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This post was written by Nicholas Jacobino