...its time lithium market participants wake up that Trump is NOT for full electric vehicles and he made his views clear on CNBC tonight, citing disagreement with Elon Musk on the car industry going full electric. Not surprising for a 'drill baby drill' President.
...Trump may not be President, but he could be, and EV growth will likely stifle under his presidency. He vows to impose tariff on China made vehicles in Mexico (BYD is making them there).
...his views are clearly articulated in this below just a few months ago. Trump’s Misleading Claims About Electric Vehicles and the Auto Industry
In a speech at a Michigan auto parts plant, former President Donald Trump distorted the facts about electric vehicles and the U.S. auto industry.
Trump said President Joe Biden “has dictated that nearly 70% of all cars” made in the U.S. must be “fully electric” in 10 years. The administration cannot mandate how many cars must be all-electric. It proposed new emission standards, and how the industry meets the new rules is up to them.
We found no support for Trump’s claim that the proposed rules would kill 40% of the auto industry’s jobs. Instead, Ford’s CEO said EVs take 40% less labor to make, but the company would offset job losses by making its own EV parts.
Trump claimed all-electric vehicles can only “drive for 15 minutes before you have to get a charge.” Most EVs have a range of 110 to 300 miles, with some expensive models reaching 400 to 500 miles.
He claimed EVs are “bad … for the environment.” But studies show that electric cars produce less pollution over their entire lifespan than gas-powered vehicles.
He said Ford expects to lose $4.5 billion on EVs. The company projected that loss for this year but expects to make a profit on EVs by the end of 2026.
Trump falsely claimed he “saved American auto manufacturing” after “eight long years of [Barack] Obama and [Joe] Biden.” The Obama administration helped rescue the industry, which increased the number of motor vehicle and parts manufacturing jobs in Michigan by 79,600, or 83%, in those eight years.
Trump’s speech, which he delivered on Sept. 27 in lieu of attending a GOP primary debate, came during a strike by the United Auto Workers union against Ford Motor Co., Stellantis NV and General Motors Co. Trump delivered his remarks at a nonunion plant, Drake Enterprises, which manufactures driveline and transmission parts.
Michigan was a key swing state in Trump’s last two presidential elections — he won the state in 2016, but lost it in 2020 — and it is expected to be a critical state again next year. EPA Proposal Not a Mandate
Trump mischaracterized regulations proposed by the Biden administration to reduce pollution from motor vehicles.
“Biden’s job-killing EV mandate has dictated that nearly 70% of all cars sold in the United States must be fully electric less than 10 years from now,” Trump said.
Not exactly. As the New York Times wrote in April, “The E.P.A. cannot mandate that carmakers sell a certain number of electric vehicles.”
Instead, that month, the Environmental Protection Agency introduced new proposed rules that would significantly restrict the amount of emissions from light-, medium- and heavy-duty vehicles, which includes passenger cars, trucks and large pickups and vans. If approved, the proposed standards, with some exceptions, would phase in starting in 2027.
In a statement at the time, the EPA said the new standards are “projected to accelerate the transition to electric vehicles,” which “could account for 67% of new light-duty vehicle sales and 46% of new medium-duty vehicle sales” in 2032. But that depends on “the compliance pathways manufacturers select to meet the standards,” the agency said.
In theory, automakers could find other ways to meet the emissions targets without having to produce as many EVs, as Joseph Goffman, principal deputy assistant administrator for the EPA’s Office of Air and Radiation, wrote in prepared testimony for Congress in June.
“The proposed standards are performance-based emissions standards and are technology neutral, meaning that manufacturers can choose the mix of technologies (including internal combustion technologies) that they believe would be best suited for their fleet to meet the standards and to meet the needs of American drivers,” his opening statement said.
The Alliance for Automotive Innovation, a trade group representing the big automakers, said it would be difficult to meet the standards in the time proposed by the rules. Auto Jobs and the Transition to EVs
Trump made several claims about an increase in U.S. electric vehicle manufacturing and the loss of auto industry jobs. He claimed, “By most estimates, under Biden’s electric vehicle mandate, 40% of all U.S. auto jobs will disappear … in one or two years.” That figure may be from Ford’s CEO saying it takes 40% less labor to make an EV than a gas-powered vehicle, but the CEO went on to say the company wants to manufacture its own EV parts to offset those job losses.
We don’t know where Trump got his 40% figure; the campaign didn’t respond to our request for support.
However, last November Ford President and CEO Jim Farley told reporters: “It takes 40 per cent less labour to make an electric car, so . . . we have to insource, so that everyone has a role in this growth,” according to the Financial Times. “We have a whole new supply chain to roll out, in batteries and motors and electronics, and diversity has to play an even greater role in that,” he said at a conference sponsored by the civil rights group Rainbow PUSH Coalition.
Other media also reported on Farley’s 40% figure. “Ford Motor is attempting to build as many of its own parts as possible for its electric vehicles to offset an expected 40% reduction in workers needed to build such cars and trucks, CEO Jim Farley said Tuesday,” CNBC reported on Nov. 15.
