This has to be good for Syrah once the Mozambique situation is sorted out, assuming that Trump follows through on his rhetoric.
https://www.reuters.com/business/autos-transportation/trump-transition-team-plans-sweeping-rollback-biden-ev-emissions-policies-2024-12-16/
Dec 16 (Reuters) - Incoming U.S. President Donald Trump’s transition team is recommending sweeping changes to cut off support for electric vehicles and charging stations and to strengthen measures blocking cars, components and battery materials from China, according to a document seen by Reuters.
The recommendations, which have not been previously reported, come as the U.S. electric-vehicle transition stalls and China’s heavily subsidized EV industry continues to surge, in part because of its superior battery supply chain. On the campaign trail, Trump vowed to ease regulations on fossil-fuel cars and roll back what he called President Joe Biden’s EV mandate.The transition team also recommends imposing tariffs on all battery materials globally, a bid to boost U.S. production, and then negotiating individual exemptions with allies, the document shows.Taken together, the recommendations are a stark departure from Biden administration policy, which sought to balance encouraging a domestic battery supply chain, separate from China, with a rapid EV transition. The transition-team plan would redirect money now flowing to building charging stations and making EVs affordable into national-defense priorities, including securing China-free supplies of batteries and the critical minerals to build them.The proposals came from a Trump transition team charged with crafting a strategy for swift implementation of new automotive policies. The team also calls for eliminating the Biden administration’s $7,500 tax credit for consumer EV purchases, a plan that Reuters first reported last month. The policies could strike a blow to U.S. EV sales and production at a time when many legacy automakers, including General Motors (GM.N), opens new tab and Hyundai (005380.KS), opens new tab, have recently introduced a wider array of electric offerings to the U.S. market.Cutting government EV support could also hurt sales of Elon Musk’s Tesla (TSLA.O), opens new tab, the dominant U.S. EV seller. But Musk, who spent more than a quarter-billion dollars helping to elect Trump, has said that losing subsidies would hurt rivals more than Tesla.The transition team calls for clawing back whatever funds remain from Biden’s $7.5 billion plan to build charging stations and shifting the money to battery-minerals processing and the "national defense supply chain and critical infrastructure.”While batteries, minerals and other EV components are “critical to defense production,” electric vehicles “and charging stations are not,” the document says.The Defense Department in recent years has highlighted U.S. strategic vulnerabilities because of China’s dominance of the mining and refining of critical minerals, including graphite and lithium needed for batteries, and rare-earth metals used in both EV motors and military aircraft.A 2021 government report said the U.S. military faces “escalating power requirements” for weapons and communication equipment, among other technologies. “Assured sources of critical minerals and materials” are “critical to U.S. national security,” the report found.Trump transition spokeswoman Karoline Leavitt said voters gave Trump a mandate to deliver on campaign promises, including stopping government attacks on gas-powered cars."When he takes office, President Trump will support the auto industry, allowing space for both gas-powered cars and electric vehicles," Leavitt said in a statement.
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