<ul class="summary-list"><li><keyword id="19906203" type="General" weightage="20" keywordseo="Trump" source="keywords">Trump</keyword> said at a rally on Saturday that he supports <keyword id="19895203" type="General" weightage="100" keywordseo="electric-vehicles" source="keywords">electric vehicles</keyword> because <keyword id="19903807" type="General" weightage="20" keywordseo="Elon-Musk" source="keywords">Elon Musk</keyword> endorsed him.</li><li>However, he also criticized <keyword id="20415012" type="General" weightage="20" keywordseo="EV-infrastructure" source="keywords">EV infrastructure</keyword> and <keyword id="22767001" type="General" weightage="20" keywordseo="Bidens-EV-mandates" source="keywords">Biden's EV mandates</keyword>.</li></ul>Former President <keyword id="19918985" type="General" weightage="20" keywordseo="donald-trump" source="keywords">Donald Trump</keyword> said he had "no choice" but to support electric vehicles after <a target="_blank" class="" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Tesla CEO Elon Musk</a> "endorsed" him. Trump then went on to criticize the EV industry at length. Musk has long been a champion of the pivot to electric vehicles. His company, <keyword id="19895433" type="General" weightage="20" keywordseo="Tesla" source="keywords" meta.keywordsubtype="org" meta.entityname="Tesla" meta.hostid="261" meta.entityid="Tesla">Tesla</keyword>, has largely led the way in developing the industry, which for a time made Musk a darling of the <keyword id="22767002" type="General" weightage="20" keywordseo="climate-conscious" source="keywords">climate-conscious</keyword> left. But Musk has more recently embraced conservative politics, especially the issue of free speech. Musk bought Twitter in 2022, rebranded it to X, and has dismantled many of the checks and balances meant to limit hateful speech and misinformation on the platform. Musk has publicly supported Trump since <a target="_blank" class="" href="https://www.businessinsider.com/trump-not-going-to-become-nice-shooting-didnt-change-him-2024-7">the assassination attempt</a> last month. Musk, however, has denied reports that he pledged <a target="_blank" class="" href="https://www.businessinsider.com/musk-trump-donation-campaign-finance-reform-2024-7">a $45 million donation</a> to a pro-Trump super PAC. At a rally in Georgia on Saturday, Trump told the crowd he supported electric cars but thought people should still have access to <keyword id="20758116" type="General" weightage="20" keywordseo="gas-vehicles" source="keywords">gas vehicles</keyword>. "I'm for electric cars. I have to be because, you know, Elon endorsed me very strongly," Trump told the crowd. "So, I have no choice." He then clarified that he only supports them as a "small slice" of the larger auto industry. "You want to have gas-propelled cars. You want to have hybrids. You want to have every kind of car," he said. Trump has repeatedly attacked the Biden administration's electric vehicle regulations, including its <a target="_blank" class="" href="https://www.businessinsider.com/biden-is-probably-going-to-ease-strict-ev-requirements-2024-2">plan to grow electric vehicle sales</a> to half of all new vehicle sales by 2030. While speaking at a bitcoin conference in July, Trump gave similar remarks when referencing Biden's regulations, which also make it more <a target="_blank" href="https://www.businessinsider.com/why-car-dealers-worried-about-biden-ev-mandate-letter-2023-11">difficult for gas-powered cars to meet EPA standards</a>. "Not everybody has to have an electric car. I told him that," Trump said, referencing Musk. "So we're going to get rid of that mandate if you don't mind. Some people want gasoline-propelled cars, some people want a hybrid, and some people like an electric car." Trump has also repeatedly criticized the cost of installing EV chargers nationwide. He erroneously claimed the government built eight chargers in the Midwest for $9 billion. He's given wildly inconsistent estimates for how much it would cost to install EV chargers nationwide. At the bitcoin conference, he said it would cost $12 trillion. At a North Carolina rally on July 24, he said it would cost $5 trillion. And at the Atlanta rally on Saturday, he said it would cost $9 trillion. The bipartisan Infrastructure Investment and Jobs Act of 2021 included $7.5 billion to help pay for thousands of electric vehicle chargers around the country, <a target="_blank" class="" href="https://www.eenews.net/articles/trump-targets-anemic-biden-effort-to-build-ev-chargers/">Politico reported</a>. The White House's infrastructure tracking website shows that only 15 charging stations have been installed so far. An analysis published by research firm Atlas Public Policy shows that each station received about $770,000 in federal funding, Politico reported. Correction: August 5, 2024 — An earlier version of this story misstated when Trump's Atlanta and North Carolina rallies were. His Atlanta rally was on Saturday, not Sunday, and his North Carolina rally was on July 24, not Thursday. It also misstated when he gave different estimates for the cost of installing EV chargers nationwide. He said it would cost $5 trillion at the North Carolina rally and $9 trillion at the Atlanta rally, not the other way around.

Trump says he has 'no choice' but to support electric vehicles because Elon Musk 'endorsed me very strongly'

<ul class="summary-list"><li>Car dealers sent a letter urging Biden to "tap the brakes" on an electric vehicle mandate.</li><li>Two-thirds of new cars must be EVs by 2032 — but dealers say EV <a target="_blank" href="https://www.businessinsider.com/inside-the-ev-reckoning-electric-car-demand-sales-2023-11">sales are slumping</a>, and hurting them.</li></ul>Car dealers aren't happy with President Joe Biden's mandate to have two-thirds of all new cars be electric vehicles by 2032. <a target="_blank" href="https://www.axios.com/2023/11/28/car-dealers-electric-evs-biden">Axios</a> reported that a group of nearly 4,000 local dealerships sent a letter to Biden urging him to "tap the brakes" on his mandate.The letter from the dealers group described slumping sales for EV, which means more cars languishing on the lot, which is bad for their small businesses. From the <a target="_blank" href="https://evvoiceofthecustomer.com/">letter</a>:<blockquote class="blockquote"><section class="blockquote-wrapper">Last year, there was a lot of hope and hype about EVs. Early adopters formed an initial line and were ready to buy these vehicles as soon as we had them to sell. But that enthusiasm has stalled. Today, the supply of unsold BEVs is surging, as they are not selling nearly as fast as they are arriving at our dealerships — even with deep price cuts, manufacturer incentives, and generous government incentives.</section></blockquote>To understand what's going on, and how influential this group might actually be, I chatted with <a target="_blank" href="https://www.businessinsider.com/author/nora-naughton">Nora Naughton</a>, a Business Insider senior reporter based in Detroit who covers the auto industry, specifically electric vehicles.The following conversation has been edited for length and clarity.<hr />I was surprised to hear about this letter from car dealers, because I thought that electric vehicles were in hot demand. What's the deal?There is a really interesting gulf between <a target="_blank" href="https://www.businessinsider.com/inside-the-ev-reckoning-electric-car-demand-sales-2023-11">demand and supply with electric vehicles</a> right now. It's not that demand for these vehicles doesn't exist — it certainly does.The problem is that we have moved out of this demographic of wealthy <a target="_blank" href="https://www.businessinsider.com/automakers-over-estimated-electric-vehicle-demand-early-adopters-2023-10">early adopters </a>and into average car buyers — people would be not adding an EV to their driveway or own many cars, but trading in their old car for an electric car. But the automotive industry has been building for those wealthy early adopters for so many years.Where are we right now in terms of manufacturers making EVs more affordable — is it trending that they'll become cheaper soon?I don't know about soon, but EVs are <a target="_blank" href="https://www.businessinsider.com/electric-cars-getting-cheaper-batteries-charging-ev-tesla-ford-2023-11">trending toward becoming more affordable</a>. EV prices have fallen, but we're talking about averages dropping from nearly $70,000 to $50,000, which is still really out of range for a lot of people. They need to get more options down to the $25,000 to $35,000 range to <a target="_blank" href="https://www.businessinsider.com/typical-ev-buyer-wealthy-millennial-man-trading-luxury-for-electric-2023-2">reach the average car buyer</a>.This letter to President Biden — do you think it's likely that Biden will respond? Presumably there's also pressure going the other way, with groups that want to enforce this mandate to meet the EV goal for 2032.The way that I think he could react is with <a target="_blank" href="https://www.businessinsider.com/buy-electric-vehicle-january-for-better-tax-credits-but-caveats-2023-10">more incentives for buyers</a>. The electric vehicle tax credits got a makeover this year — now imported cars don't qualify for the incentives, and there's an income limit for buyers to qualify.One easy fix is to make those <a target="_blank" href="https://www.businessinsider.com/electric-vehicles-selling-for-for-less-than-sticker-price-deals-2023-10">tax credits more accessible for every EV</a>. Government discounts and incentives are really the biggest driver of sales for these cars.How much political power does a big group of car dealerships have? I know they can be quite wealthy (just this week, videos have been going viral of an extremely lavish — allegedly $59 million — wedding of the daughter of a car dealership owner) How likely is it that Biden is going to listen to what they say because they are an important group?Dealers have an incredible amount of political sway. You can see that in the last 10 years of <a target="_blank" href="https://www.businessinsider.com/car-dealers-face-identity-crisis-tesla-threat-2023-3">fighting with Tesla over direct sales</a> — dealers fended that off in a lot of cases and protected franchise laws.They're incredibly influential at both the local and state level because they are so wealthy and they often have very close relationships with local and state representatives in Congress. There's also a hugely influential dealer group in Washington, DC, The National Automotive Dealers Association.Car dealerships are a unique business; is there a reason that they're worried so particularly about this mandate?Dealers are typically like the canary in the coal mine for the automotive industry because they see demand shifts happen before the manufacturers. The <a target="_blank" href="https://www.businessinsider.com/car-dealerships-shopping-inventory-prices-incentives-2023-1">automotive industry</a> is unique in that it takes years between development to production to the person's driveway. It's not a very reactive industry, so, it's the dealers who can say, "You know what, these electric vehicles are piling up, and we need to figure out a different way to do this."So right now, local dealers are taking losses on these cars?Oh yeah, no one makes money on an electric vehicle sale right now. Except for Tesla. The hot Mach-E sells at a <a target="_blank" href="https://www.businessinsider.com/ford-losing-dealer-trust-after-rocky-year-for-ev-transition-2023-11">loss for Ford</a>; the Chevy Bolt has sold at a loss for years. That's also a big driver behind dealers wanting to pump the brakes: if these cars are going to be two-thirds of their sales, then the <a target="_blank" href="https://www.businessinsider.com/auto-executives-coming-clean-evs-arent-working-2023-10">majority of their sales are not going to make them money</a>. And that's a big problem.Would you say that this letter means it's actually a good time to get a good deal on an electric vehicle if you're shopping for one?You can absolutely get a good deal on an EV right now, particularly a <a target="_blank" href="https://www.businessinsider.com/ford-mustang-mach-e-inventory-after-tesla-charging-deal-2023-6">Ford Mach-E</a> — those have been piling up on dealer lots for a long time. Or the F-150 Lightning if you want a ginormous electric pickup truck; it sounds like those are starting to pile up as well.

Car dealers are worried about an EV reckoning. I asked our transportation reporter what's going on.

Welcome back to <a href="http://newsletter.businessinsider.com/join/10-things-in-politics">10 Things in Politics</a>. <a href="http://newsletter.businessinsider.com/join/10-things-in-politics">Sign up here to receive this newsletter</a>. Send tips to <a href="mailto:bgriffiths@insider.com">bgriffiths@insider.com</a> or tweet me at <a href="https://twitter.com/BrentGriffiths">@BrentGriffiths</a>.Here's what we're talking about:<ul><li><a href="https://www.businessinsider.com/battery-arms-race-how-biden-plans-turn-us-battery-force-2021-7">Biden's hope for the future of American cars hinges on beating China in a battery arms race</a></li><li><a href="https://www.businessinsider.com/where-implemented-vaccine-mandate-work-bars-delta-covid-2021-7">A major day for vaccine mandates in the US</a></li><li><a href="https://www.businessinsider.com/sen-tommy-tuberville-alabama-violated-federal-law-late-stock-disclosures-2021-7">Republican Sen. Tommy Tuberville failed to disclose up to $3.56 million in stock trades</a></li></ul>What we're watching today: The House select committee on the Capitol riot is set to hold its first hearing at 9:30 a.m. ET - much more on this below.With Phil Rosen.<hr />1. DRIVING THE FUTURE: President Joe Biden wants to kick-start America's production of electric vehicles. But the driver-in-chief's ambitions run through a road dominated by China. Beijing has also cornered the market on the heart of modern-day EVs: batteries.My colleagues <a href="https://www.businessinsider.com/battery-arms-race-how-biden-plans-turn-us-battery-force-2021-7">took a look at what it would take for the US to outmuscle its competitors</a>:China's dominance worries many in the industry: "China will be a threat, and eventually they'll try to bring their cars made in China with Chinese batteries into the US and Western markets," said Tony Posawatz, who spent over 30 years in leadership roles at General Motors.<ul><li>The US and its allies have tried to respond by boosting domestic production: In Europe, a record 60 billion euros poured into the EV battery industry in 2019. In the US, Biden has proposed spending $174 billion on charging infrastructure and incentives to woo consumers away from traditional options.</li></ul><a href="https://www.businessinsider.com/battery-arms-race-how-biden-plans-turn-us-battery-force-2021-7"><div type="image" title="A chart showing global EV battery output in 2020 and 2030. The first bar, for 2020, is filled 75.3% of the way in blue, denoting China; 10.3% orange (Asia), 7.6% green (North America), and 6.8% light blue (Europe). The 2020 total output is 753.4 gigawatt-hours. The second bar, for 2030, shows 68.6% for China, 3.5% for Asia, 11% for North America, and 16.5% for Europe. The 2030 total output is 3,882.5 gigawatt-hours. The source is Benchmark Mineral Intelligence." height="1062" width="1668" msid="84789588" hostid="261"></div></a>But America has a long way to go: Experts suggest the US will need to ramp up production to 1 terawatt-hour to meet domestic demand. In essence, this means the Biden administration would need to attract at least 10 more mega factories.<ul><li>This is about a lot more than just cars: While EVs still rely on electricity that can stem from fossil fuels, their lifetime emissions are considerably lower than their gas-powered equivalents. This makes the industry a key part of the White House's climate-crisis plans.</li></ul><a href="https://www.businessinsider.com/battery-arms-race-how-biden-plans-turn-us-battery-force-2021-7">Read why experts and unions are worried about keeping jobs amid a battery race.</a>By the way: Don't think China isn't pushing its ambitions in the conventional arms race either. <a href="https://www.insider.com/china-constructing-massive-nuclear-base-silos-xinjiang-2021-7">Scientists have discovered a major new sign of its nuclear-weapons ambitions</a>.<hr /><div type="image" title="The mob at the Capitol riot." height="1334" width="2000" msid="84789589" hostid="261"></div>2. First Capitol riot committee hearing set for today: Four police officers who defended the Capitol during the January 6 insurrection are scheduled to testify before lawmakers on the panel later this morning, CBS News reports. One of those officers is Michael Fanone of the DC Metropolitan Police, who was caught on video being dragged and beaten by the mob, pleading with them by saying "I have kids." <a href="https://www.cbsnews.com/live-updates/january-6-capitol-riot-select-committee-hearing-how-to-watch-live-stream/">What to expect from the hearing</a>.There continues to be drama surrounding the committee: House Minority Leader Kevin McCarthy chided two Republican lawmakers for serving on the panel after Speaker Nancy Pelosi blocked two of McCarthy's picks. McCarthy called Reps. Liz Cheney and Adam Kinzinger "Pelosi Republicans." <a href="https://www.businessinsider.com/cheney-calls-mccarthy-childish-after-pelosi-republican-comment-2021-7">Cheney said McCarthy's behavior was "pretty childish."</a><ul><li>Cheney is said to be playing a big role: She may deliver an opening statement, which is traditionally reserved only for the top lawmaker of each party on a committee. But since McCarthy pulled his picks, there is no official top Republican. <a href="https://www.washingtonpost.com/politics/jan-6-committee-cheney/2021/07/26/2380e54e-ee1a-11eb-ab6f-b41a066381df_story.html">What this ceremonial nod shows about Democrats' plans</a>.</li></ul><hr />3. FDA asks Moderna and Pfizer to expand testing on children: Federal regulators want to assess whether a rare inflammation of the heart muscle that has been seen in young adults shortly after vaccination is more common in younger age groups, The Washington Post reports. <a href="https://www.washingtonpost.com/health/2021/07/26/fda-asks-pfizer-moderna-test-their-vaccines-more-children-under-12-help-rule-out-safety-issues/">The changes could delay the availability of vaccines to children ages 5 to 11</a>.<hr />4. Monday was a major day for vaccine mandates in the US: The Department of Veterans Affairs became the first US federal agency to require any of its employees to be vaccinated. Gov. Gavin Newsom outlined requirements for all California state employees and healthcare workers. Mayor Bill de Blasio announced a similar mandate in New York City. And 300 bars in San Francisco announced they were banding together to institute their own requirements. <a href="https://www.businessinsider.com/where-implemented-vaccine-mandate-work-bars-delta-covid-2021-7">Here's where else vaccines will be required after what could be a "tipping point" day</a>.<hr />5. Republican Sen. Tommy Tuberville is in trouble: Tuberville, the Auburn football coach turned US senator, is facing punishment for failing to properly disclose up to $3.56 million in stock trades. Tuberville's office says it has fixed the oversights. <a href="https://www.businessinsider.com/sen-tommy-tuberville-alabama-violated-federal-law-late-stock-disclosures-2021-7">More on the trades, including how a critic of the Chinese government sold stock options of the Chinese e-commerce giant Alibaba</a>.<hr />6. Tesla earnings crushed Wall Street's expectations, posting the company's most profitable quarter yet: Elon Musk's EV company seemed to emerge unscathed from the global semiconductor shortage straining the industry. Tesla's revenue was $11.958 billion, compared with an expected $11.36 billion, and the automaker <a href="https://www.businessinsider.com/tesla-stock-earnings-report-q2-profit-revenue-sales-elon-musk-2021-7">more than doubled its reported net income compared with the first quarter of 2021</a>.<hr />7. The shipping crisis isn't going away: A supply-chain crisis has been brewing off the coast of Southern California for many months as massive freighters wait for dock space to open up. Port delays are near a record high. An official told my colleagues the normal number of ships waiting was between zero and one. On Friday, 33 ships were waiting to dock. <a href="https://www.businessinsider.com/cargo-ships-waiting-to-dock-california-contributes-supply-chain-crisis-2021-4">Here's what it means for consumers</a>.<hr />8. Former Sen. Mike Enzi died after a bike accident: Enzi was riding his bike near his home in Gillette, Wyoming, when he was injured Friday and then flown to a Colorado hospital, The Post reports. He was 77. <a href="https://www.washingtonpost.com/politics/enzi-senate-republican-wyoming/2021/07/27/8cb75686-ee58-11eb-bf80-e3877d9c5f06_story.html">More on his legacy here</a>.<hr />9. White House doesn't want to fight with Fox: Jen Psaki, the White House press secretary, said the Biden administration didn't want to pick a fight with an outlet like Fox News after the Trump administration made undermining the news media a tenet of his <keyword id="6358883" type="UNKNOWN" weightage="100" keywordseo="politics">politics</keyword>. <a href="https://www.businessinsider.com/psaki-biden-doesnt-want-fight-fox-after-trump-destroyed-trust-2021-7">More on her comments here</a>.<hr />10. All the moments you missed at the Olympics: The tennis superstar Naomi Osaka suffered a shocking upset, <a href="https://www.insider.com/tennis-star-naomi-osaka-suffers-shocking-defeat-against-czech-opponent-2021-7">an early ending to the gold-medal favorite's games in her home country</a>.<a href="https://www.insider.com/lydia-jacoby-shocked-100-meter-breaststroke-upset-olympics-2021-7"><div type="image" title="Lydia Jacoby after winning the 100-meter breaststroke." height="866" width="1733" msid="84789591" hostid="261"></div></a>Seward's jolly: Lydia Jacoby, the first Alaskan Olympic swimmer, shocked even herself in her gold-medal victory in the women's 100-meter breaststroke. <a href="https://www.insider.com/lydia-jacoby-shocked-100-meter-breaststroke-upset-olympics-2021-7">The 17-year-old doesn't even train in an Olympic-size pool</a>. Watch <a href="https://www.insider.com/video-lydia-jacoby-watch-party-high-school-alaska-2021-7">her hometown celebrate</a>.Russians dethroned America in men's backstroke: The reining gold medalist Ryan Murphy was unable to hold onto his title in the men's 100-meter backstroke. The Russians Evgeny Rylov and Kliment Kolesnikov won gold and silver. <a href="https://www.news4jax.com/sports/2021/07/27/ryan-murphy-settles-for-bronze-in-100m-backstroke/">The loss ends a streak of 12 straight gold medals for Team USA dating back to 1992 in both the 100- and 200-meter backstroke</a>.Hot on the heel: Russian gymnast Artur Dalaloyan helped lead members of his country to a gold medal. <a href="http://insider.com/russian-gymnast-won-gold-after-blowing-out-achilles-2021-7">He is only three months removed from suffering a torn Achilles tendon</a>.And Tom Daley finally got his gold: The British diver ended a 13-year wait with a sublime display alongside Matty Lee in the men's synchronized 10-meter platform event. <a href="https://www.insider.com/tom-daley-wins-an-olympic-gold-medal-with-emotional-victory-2021-7">He gave an emotional interview afterward</a>.Don't miss any of the major moments: <a href="https://www.insider.com/tokyo-2020-olympics-live-updates-2021-7">Follow our live coverage here.</a><hr />Today's trivia question: Sticking with the Olympics, can you name the gold-medal-winning teammate of Jesse Owens who later became a congressman? Email your guess and a suggested question to me at <a href="mailto:bgriffiths@insider.com">bgriffiths@insider.com</a>.<ul><li>Yesterday's answer: The American Eddie Eagan is the only person to win a gold medal in both the Summer and Winter Olympics. A boxer, Eagan received a call from a US Olympic official asking him to join the bobsled team <a href="https://olympics.com/en/news/the-exclusive-club-of-athletes-who-have-reached-the-podium-at-both-the-summer-an">just three weeks before the 1932 games began in Lake Placid</a>.</li></ul>

10 Things in Politics: Biden's EV arms race against China

Good afternoon. Here are the top stories so far today.For more daily and weekly briefings, <a href="https://www.businessinsider.com/subscription/newsletter">sign up for our newsletters here</a>.What happened today:Biden wants more EVs - but analysts are skeptical. President Joe Biden set a target to make half of all new cars sold in 2030 produce zero emissions, including battery-electric, fuel cell, and plug-in hybrid vehicles. <a href="https://www.businessinsider.com/bidens-ev-target-makes-auto-profits-a-hard-sell-2021-8">Analysts say the White House order will prove to be mostly hot air</a> unless policy makers and car companies can figure out how to make selling electric cars a profitable venture.Messi's out. <a href="https://www.insider.com/lionel-messi-soccer-star-leaving-barcelona-2021-8">Soccer superstar Lionel Messi is leaving FC Barcelona.</a> The club said that it and Messi had reached an agreement to keep him on the team, but "financial and structural obstacles" had stopped it from going through. FC Barcelona has struggled for many years with an inflated wage bill.Retail workers brace for renewed "rebellion and anger." Insider spoke with eight retail workers on the return of mask mandates as COVID-19 cases surge. Some workers said they feel safer if shoppers wear masks, <a href="https://www.businessinsider.com/walmart-starbucks-ikea-employees-brace-for-anger-over-masks-2021-8">but they worry about new levels of anger and violence.</a> "At this point in the pandemic, nobody has the energy for that crap anymore," one Ikea worker said.Card-carrying members - literally? <a href="https://www.businessinsider.com/donald-trump-wants-supporters-to-carry-trump-cards-2021-8">Donald Trump wants his supporters to carry "Trump Cards."</a> Trump's PAC sent two emails on Wednesday asking supporters to get on board with carrying the red-and-gold cards, which look like credit cards and bear the former president's signature. Unfortunately, <a href="https://www.businessinsider.com/design-for-one-of-new-trump-cards-has-a-typo-2021-8">one of the designs has a typo</a>."I thought I'd lost my eye." Team GB's Hector Pardoe hurt his eye so severely that <a href="https://www.insider.com/marathon-swimmer-suffers-gruseome-eye-injury-tokyo-olympics-2021-8">he thought it might have come out of its socket</a> during the Tokyo Olympics. The 20-year-old swimmer was competing in the 10-kilometer marathon swim when another swimmer's stray elbow struck him, forcing him to retire.That's all for now. See you tomorrow.

The biggest barrier to electric cars isn't tech - it's making public chargers feel safer and more accessible

<ul class="summary-list"><li>In the US alone, tailpipe emissions account for almost 20% of all emissions.</li><li>Countries such as Britain, Canada, France, Iceland, and Sweden have all proposed some sort of emission-free vehicle legislation for the coming years.</li><li>Already, automakers such as <keyword id="6361865" type="ORGANIZATION" weightage="60" keywordseo="volkswagen">Volkswagen</keyword>, Geely, and <keyword id="25952" type="CITY" weightage="60" keywordseo="Mercedes-Benz">Mercedes-Benz</keyword> are offering electrified options for buyers.</li></ul>The contribution of cars and trucks to <keyword id="6361617" type="UNKNOWN" weightage="60" keywordseo="climate-change">climate change</keyword> is undeniable.A <a href="https://www.ucsusa.org/resources/car-emissions-global-warming#:~:text=Car%20Emissions%20and%20Global%20Warming&amp;text=Our%20personal%20vehicles%20are%20a,for%20every%20gallon%20of%20gas.gas.">2014 story by the Union of Concerned Scientists</a> said personal cars and trucks accounted for nearly a fifth of all US emissions, and that almost 30% of "all US global warming emissions" came from the <keyword id="34991" type="ORGANIZATION" weightage="100" keywordseo="transportation">transportation</keyword> sector, which includes cars, planes, trucks, trains, ships, and freight.In the years since, international and US-statewide municipalities have put plans in place in the hopes to reduce emissions and curb reliance in fossil fuels. Along with more and more electrified and zero-emissions vehicles coming onto market, it might be the regulatory push consumers and manufacturers need.<h2>Dating back</h2>In the 1960s, climate change was hardly a blip on the public radar, let alone the knowledge that cars contributed to it. But large American automakers like Ford and General Motors apparently knew, according to an October investigation by energy and environment website <a href="https://www.eenews.net/stories/1063717035">E&amp;E News</a>.The outlet reported that despite the knowledge that cars contributed to climate change, the automakers spent the next few decades on political lobbying that "undermined global attempts to reduce emissions while stalling US efforts to make vehicles cleaner.""... both manufacturers largely failed to act on the knowledge that their products were heating the planet," E&amp;E News wrote. "Instead of shifting their business models away from fossil fuels, the companies invested heavily in gas-guzzling trucks and SUVs. At the same time, the two carmakers privately donated hundreds of thousands of dollars to groups that cast doubt on the scientific consensus on global warming."<h2>International affair</h2>But now it's 2020 and we appear to be on the brink of a massive global overhaul of how we think about cars and <a href="https://www.nytimes.com/interactive/2020/04/19/climate/climate-crash-course-1.html">their impact on the environment</a>. It's been widely reported that countries such as <a href="https://money.cnn.com/2017/09/11/autos/countries-banning-diesel-gas-cars/index.html">Britain</a>, <a href="https://www.canada.ca/en/services/environment/weather/climatechange/climate-plan/reduce-emissions.html#toc1">Canada</a>, <a href="https://money.cnn.com/2017/09/11/autos/countries-banning-diesel-gas-cars/index.html">France</a>, <a href="https://www.government.is/library/Files/Icelands%20new%20Climate%20Action%20Plan%20for%202018%202030.pdf">Iceland</a>, and <a href="https://cleantechnica.com/2019/01/23/sweden-will-ban-sale-of-gasoline-diesel-cars-after-2030-germany-lags-behind/">Sweden</a> have all implemented some sort of ban on the sale of gasoline- or diesel-powered cars in the coming decades, with the ultimate goal of eventually achieving a zero-emissions future. Recently, <a href="https://www.businessinsider.com/uk-ban-sale-new-gas-diesel-cars-vehicles-2030-2020-11">the UK said</a> it'll ban the sale of new combustion-engine vehicles in 2030. It's a new deadline that's part of a 10-point "green industrial revolution" plan. By 2050, <a href="https://www.gov.uk/government/news/uk-becomes-first-major-economy-to-pass-net-zero-emissions-law">the nation hopes to be carbon-neutral</a>.There's no global consensus on how to tackle the change, or by when. But the roughly 20 nations listed below — some of them the biggest car markets in the world, plus California — have put forth some sort of plan to curb and end the sale of gasoline and diesel cars.Below, you'll find a timeline of who is proposing what for when and how many cars were sold there last year. <h2>And then there's the US</h2>It's not quite as rosy here in the United States. Currently, there is no official proposed transition to a zero-emissions future at the federal level, <a href="https://www.caranddriver.com/news/a34671545/biden-presidency-electric-vehicles/">though that could change</a> under the Biden administration. <div type="image" title="Volkswagen_I.D._concept_family Large 7742" height="1579" width="2500" msid="79533623" hostid="261"></div>At the state level, though, things are a little different. California made headlines recently when Gov. Gavin Newsom <a href="https://www.gov.ca.gov/2020/09/23/governor-newsom-announces-california-will-phase-out-gasoline-powered-cars-drastically-reduce-demand-for-fossil-fuel-in-californias-fight-against-climate-change/">issued an executive order</a> that required the sale of all new passenger cars to be emissions-free by 2035. The move isn't out of left field; California has historically been a stronghold for climate activism. In the US, 1963 saw the passage of the Clean Air Act, which — in addition to granting the Environmental Protection Agency the ability to standardize automotive air pollution — stopped states from implementing their own standards. Except for California.Congress granted California an exemption from the state-standardization rule because California had already been tackling the pollution issues on its own, according to <a href="https://www.abc10.com/article/news/local/california/whats-californias-emissions-standards-trump-administration/103-96808a92-d6bb-43f3-92a7-fb908039a378">ABC10</a>. California is thus allowed to set much stricter emission standards, meaning a car that passes emissions in Missouri might not pass in California.<div type="image" title="2021 Polestar 2_KL_13" height="1667" width="2500" msid="79533626" hostid="261"></div>Other states cannot set their own emission standards, but they can follow California's regulations, <a href="https://www.green-technology.org/california-auto-emissions-standards/">Green Technology</a> points out. Currently, there are 12 states — plus the District of Columbia — that use the California standards, including Colorado, Connecticut, Maine, and Massachusetts. The Trump administration long fought moved to <a href="https://www.nytimes.com/2019/09/17/climate/trump-california-emissions-waiver.html">abolish</a> California's right to set stricter emission regulations. Yet the California Air Resources Board teamed up with several big automakers such as Ford, Volkswagen, Honda, and BMW to "finalize binding agreements to cut vehicle emissions in the state," according to <a href="https://www.reuters.com/article/us-autos-emissions-california/defying-trump-california-locks-in-vehicle-emission-deals-with-major-automakers-idUSKCN25D2CH">Reuters</a>.The agreements made financial sense, as Reuters noted that areas opting into California's standards represent about 40% of the US automotive market. Plus, making cars that fit multiple markets simply means making more cars, and <a href="https://www.autonews.com/executives/bill-ford-named-automotive-news-industry-leader-year">spending more money to do so</a>. But not all automakers were behind California. A <a href="https://apnews.com/article/joe-biden-lawsuits-environment-california-gavin-newsom-f30458eb13b6ff967d05b12c178621e8">separate Reuters story</a> noted that General Motors, Fiat Chrysler, Toyota and "10 smaller automakers" backed the Trump administration. On November 23, however — after President-elect Joe Biden's victory — General Motors announced that <a href="https://www.freep.com/story/money/cars/general-motors/2020/11/23/gm-trump-california-emissions-biden/6394166002/">it would stop siding with Trump's attempts</a> to keep California from setting its own regulations.<div type="image" title="Mary Barra" height="2000" width="3000" msid="79533628" hostid="261"></div><h2>The cars</h2>Though <keyword id="312660" type="COMPANY" weightage="60" keywordseo="EVS">EVs</keyword> <a href="https://www.businessinsider.com/super-bowl-commercials-electric-cars-hummer-vw-porsche-taycan-2020-2">only accounted for less than 2% of new-car sales</a> last year in the US, they'll likely gain more popularity through the combined forces of advancements in battery technology, more EV options, an increase in charging infrastructure, tax incentives, and government mandates. Besides <keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword>, Volkswagen has promised an entire family of EVs built on its new "MEB" electric platform. Chinese auto giant Geely has spun off an EV brand in the form of Polestar. Daimler, the parent company behind Mercedes-Benz, said it'll <a href="https://www.businessinsider.com/r-update-1-daimler-to-invest-10-billion-euros-in-electronic-vehicles-paper-2016-11#:~:text=Daimler%20to%20invest%20%2411%20billion,cars%20by%202025%20%2D%20Business%20Insider&amp;text=The%20word%20%22Insider%22.&amp;text=A%20leading%2Dedge%20research%20firm%20focused%20on%20digital%20transformation.&amp;text=Terms%20of%20Service%20%2C%20Privacy%20Policy%20and%20Cookies%20Policy.es%20Policy.">kick more than $11 billion</a> to building its EQ-brand of EVs and aims to introduce at least 10 EVs by 2022. <a href="https://www.businessinsider.com/promises-carmakers-have-made-about-their-future-electric-vehicles-2020-1#fiat-chrysler-automobiles-9">You can read more about automaker promises here</a>.<div type="image" title="2021 Volkswagen ID.4_31" height="1389" width="2500" msid="79533630" hostid="261"></div>While 2030 and 2035 might seem far away, we didn't even have Tesla 20 years ago. A lot can happen in that span of time, especially with the EV landscape evolving as quickly as it is. But a lot has to change, too. Especially here.Last year, the best-selling vehicles in the US were a <a href="https://www.caranddriver.com/news/g27041933/best-selling-cars-2019/?slide=23">pickup truck</a>, <a href="https://www.caranddriver.com/news/g27041933/best-selling-cars-2019/?slide=24">a pickup truck</a>, and another <a href="https://www.caranddriver.com/news/g27041933/best-selling-cars-2019/?slide=25">pickup truck</a>. SUVs have been <a href="https://www.nytimes.com/2020/05/21/business/suv-sales-best-sellers.html#:~:text=%E2%80%9CS.U.V.s%20made%20up%2047.4%20percent,compared%20to%2072%20percent%20now.%E2%80%9D">outselling small cars</a> for years. Automakers have been pouring money into beefing up their lineup with beefy cars — <a href="https://www.usatoday.com/story/money/cars/2020/07/17/discontinued-cars-2020-ford-fiesta-toyota-yaris-gm-chevrolet-sonic/5413585002/">in addition to killing off the smaller ones</a> — in order to <a href="https://www.motorbiscuit.com/ford-and-gm-waste-a-lot-of-money-on-vehicles-that-arent-trucks-and-suvs/">juice profits</a> and capitalize on cheap gas. <keyword id="6372405" type="ORGANIZATION" weightage="60" keywordseo="gm">GM</keyword> has said it will have <a href="https://www.caranddriver.com/news/a34730248/gm-accelerates-electrification-plans/">30 electric vehicles by 2025</a>, with two-thirds of them being available in North America. The <a href="https://www.businessinsider.com/gmc-hummer-ev-convert-pickup-truck-buyers-electric-super-truck-2020-10">all-electric GMC Hummer pickup</a> will be one. Ford will tackle the issue <a href="https://jalopnik.com/ford-is-betting-on-electric-commercial-vehicles-1845516937#:~:text=%E2%80%9CWe're%20betting%20on%20a,company's%20third%2Dquarter%20earnings%20call.&amp;text=%E2%80%9CThere's%20been%20a%20lot%20written,call%20with%20analysts%20on%20Wednesday.day.">with electrified commercial vehicles</a>. <div type="image" title="2022 GMC HUMMER EV 061" height="1667" width="2500" msid="79533635" hostid="261"></div>But with gas as cheap as it is and range anxiety still plaguing many drivers, there's also no real buyer incentive to make the EV switch right now. AAA found that at the very least, 40 million Americans said they'd "consider" an EV as their next car, according to <a href="https://www.cnbc.com/2019/05/08/aaa-says-americans-warm-to-electric-cars-but-most-arent-ready-to-buy.html">CNBC</a>.Gene Liao, a Wayne State University professor who specializes in EVs and a former engineer at Ford, GM, and Toyota, <a href="https://www.businessinsider.com/ford-gm-future-consumer-wants-new-kind-of-car-electric-2020-11">told Business Insider</a> automakers haven't been more prompt in launching EVs because they are still more expensive to build than internal-combustion engine cars. But it's getting better.Sam Abuelsamid, a transportation analyst at the research firm Guidehouse Insights, <a href="https://www.businessinsider.com/ford-gm-future-consumer-wants-new-kind-of-car-electric-2020-11">told Business Insider</a> the cost of batteries was about $600 per kWh just 10 years ago. Today, it's less than $200 per kWh.It's on automakers to give us attractive, functional EV options that are priced affordably and don't feel like hobbled <a href="https://www.greencarreports.com/news/1068832_electric-cars-some-are-real-most-are-only-compliance-cars--we-name-names">compliance cars</a>. But it's also a matter of building out an expansive charging infrastructure. "Traditionally, automakers have resisted investing in fueling infrastructure," Abuelsamid said. "What we're seeing happen is the automakers are actually working with the charging network providers."All of this takes time. Internal-combustion engines have had nearly 100 years' head start on building out a network of gas stations, while EV charging infrastructure is barely getting going.But with more aggressive mandates, perhaps we can jumpstart the change.

Countries worldwide are passing laws to kill the gas-powered car — here's who's going all-electric, and when

<ul class="summary-list"><li>The major automakers have benefitted from <keyword id="6354862" type="UNKNOWN" weightage="60" keywordseo="trump">Trump</keyword>'s policies and tax cuts.</li><li>But Big Auto has also had to deal with Trump's constant provocations and chaotic approach to global business and trade.</li><li>A <keyword id="60973" type="PERSON" weightage="60" keywordseo="Biden">Biden</keyword> win in November could restore policies that support <a href="https://www.businessinsider.com/category/tesla">Tesla</a>.</li><li>But a change in administration could also help traditional automakers catch up to <keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword>, which dominates the electric-vehicle market.</li></ul>Nearly four years of President Trump haven't been good for Tesla. Although <a href="https://www.businessinsider.com/why-elon-musk-is-changing-position-on-trump-2017-1">CEO Elon Musk moved quickly to develop a relationship with the new administration in 2017</a>, whatever bonds of opportunity were formed rapidly degraded, then collapsed amid Trump's contempt for the Paris climate accords, when Musk resigned from a White House committee of CEOs.Over the next few years, Trump moved to roll back fuel-economy and emissions regulations that were established late in the Obama administration. And while that created some unforeseen<a href="https://www.businessinsider.com/trumps-battle-automakers-california-emissions-standards-is-pointless-2019-3"> negative consequences</a> for traditional carmakers when California decided to fight for its historic privilege to set its own standard — and a bunch of automakers doing business in the US joined with the Golden State — it led to a compromise that softened the pre-Trump mandates.Meanwhile, Tesla crossed the 200,000-vehicle sales mark, triggering a phased reduction of the $7,500 federal tax credit, with no federal action to extend it. It isn't clear that a Democrat in the White House would have been able to do anything about that, but Trump and a GOP-dominated, or even divided Congress wasn't going to prolong this supportive measure for Tesla sales.As much trouble as Trump has caused for US automakers — beginning with his 2016 campaign attacks on Ford for plans to build a factory in Mexico, continuing with his Twitter assaults on GM for shuttering a factory in Ohio, and culminating in a showboating invocation of the <a href="https://www.businessinsider.com/donald-trump-attacks-general-motors-on-twitter-over-ventilator-deal-2020-3">Defense Production Act to compel GM to manufacture ventilators during the coronavirus pandemic when the company had already started doing just that</a> — his corporate tax cut and incessant trade-war saber-rattling toward the Germans and the Japanese have almost made the political melodrama worth it.So the big question now is: "If Trump loses in November, what does that mean for Tesla?"<h2>A Biden White House would be great for Tesla. A Democratic Congress would be even better.</h2><div type="image" title="aoc joe biden" height="2106" width="2808" msid="77693287" hostid="261"></div>It means Tesla could count on the federal government putting some considerable wind back in its sails. Remember, Tesla isn't just a car company — it's also an energy company, and it's a safe bet that Joe Biden in the White House and a Congress run by Nancy Pelosi and Chuck Schumer are going to move quickly and aggressively to enact legislation based on <a href="https://www.businessinsider.com/green-new-deal-is-right-and-we-dont-have-to-wait-for-ambitious-goals-2019-2">Rep. Alexandria Ocasio-Cortez's Green New Deal</a>. Pelosi made a choice between <keyword id="6366055" type="UNKNOWN" weightage="60" keywordseo="global-warming">global warming</keyword> and Obamacare in President Obama's first term — she's unlikely to miss a second crack at what many younger voters consider the core issue of their futures.Most of the major automakers are already positioning for this, regardless of who wins in November, mainly because they see the next two decades as a period of transformation away from gas-powered engines to electrification in both Europe and in China, which is the world's biggest growth market. Big Auto has to develop vehicles now that it hopes to sell in 2025 and beyond.But they'd prefer to operate on their own timetables, and the Detroit Big Three — GM, Ford, and Fiat Chrysler Automobiles — also want to sell as many highly-profitable big pickup trucks and SUVs as possible while the selling is still good in the US. They lose money on EVs and hybrids, but they know they'll need those technologies to compete tomorrow. And lacking Tesla's access to capital markets to raise funds by issuing new stock, they have to create their cash flow the old fashioned way: by serving consumers and by tapping debt markets. <h2>Detroit didn't reckon with Trump's chaos</h2><div type="image" title="GM EV Barra" height="1333" width="2000" msid="77693291" hostid="261"></div>A Trump win, as a business matter, would be quite supportive of that play-both-sides strategy. That was why the car industry in the US was generally OK with Trump's win 2016; it thought the worst outcome would be a border tax with Mexico and Canada that would create cost challenges in the supply chain. But compensation would come from the corporate tax cut and in generally lenient, market-boosting Federal Reserve policies on interest rates that would maintain free-flowing credit for consumers.What Detroit failed to anticipate was the level of chaos that Trump would bring to the task of managing sprawling global operations. Almost immediately, Trump's disorganized, real-estate pseudo-tycoon's approach collided with the extreme professionalism of auto execs with Harvard MBA's and decades of experience running companies with tens of billions in revenue sloshing through the balance sheets every quarter. Still, the bottom line for traditional automakers is that a Trump loss potentially means more regulations, higher taxes, and a push to develop what remain largely profitless EVs for a market that, worldwide, represents only about 2% of sales. If Detroit had any doubts, last week's Democratic National Convention should have put them to rest.But that doesn't mean a Biden victory should throw them into a panic. Quite the contrary: While a Biden-Harris White House would be good for Tesla, it could be even better for the traditional automakers.That's because Big Auto is playing catch-up with Tesla. In short order, Musk has monopolized the electric-vehicle market and now threatens to consolidate that advantage by rapidly building new factories. Tesla's China plant came online in a year, and factories in Germany and Texas could follow a similarly impressive timetable. It's not unthinkable that Tesla could capture almost all the short-term growth in EV sales, and that's why the company's stock price has skyrocketed, minting a market capitalization that has made Tesla the world's most valuable car company, at $350 billion after an epic rally that began in early 2020.<h2>Tesla could be on its own</h2><div type="image" title="Elon Musk" height="2000" width="3000" msid="77693295" hostid="261"></div>A Biden administration, paired with a Democratic majority in Congress, would put the consumer at the center of EV picture and create abundant incentives for legacy automakers to expand their electrification objectives. Tesla might not get as much real help as it has in the past, and there should be a drive among politicians to engender a competitive marketplace — ironically, that means favoring the incumbents, who have the best chance at getting more EVs on the road, given their massive, established manufacturing footprints. Undoubtedly, there could also be pressure to favor startups over the GMs of the world. But if you take global warming seriously, you would <a href="https://www.businessinsider.com/rivian-investors-explain-why-on-path-to-become-next-tesla-2020-8">need half a dozen Rivians</a> to thrive, starting effectively from zero. It makes more sense to encourage Ford and Volkswagen and Toyota to renounce petrol and embrace electrons. Walking into the voting booth, then, Big Auto finds itself in a tough spot. A Trump win could mean more business-as-usual. But a Biden win could accelerate a historical transformation that pretty much all the carmakers recognize is underway and that they're now risking billions on.And what might remove their reservations about a Democrat in the White House? Simple. Just look at GM, which returned to the public markets with a 2010 IPO — the same year that Tesla staged its IPO. Since then, GM stock has declined by 18%.And Tesla's is up over 8,200%.

A Trump win in November helps Tesla's competitors — but it doesn't make life any easier for Big Auto in the long run

<ul class="summary-list"><li>Elon Musk endorsed Donald Trump following the assassination attempt against the former president.</li><li>WSJ reported that Musk has plans to donate $45 million a month to a pro-Trump super PAC.</li></ul>During a rally in Michigan on Saturday, <a target="_blank" href="https://www.businessinsider.com/category/donald-trump">Donald Trump</a> had high praise for <a target="_blank" href="https://www.businessinsider.com/tesla-ceo-elon-musk">Elon Musk</a>, calling the <a target="_blank" class="" href="https://www.businessinsider.com/tesla">Tesla</a> CEO a "great" and "brilliant guy."But the former president added that he didn't know about the tech billionaire's reported plan to donate <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-donate-45-million-pro-trump-pac-report-2024-7">$45 million a month</a> to a pro-Trump super PAC that will support his campaign. The Wall Street Journal, citing anonymous sources, reported the plan.Musk came out with an <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-endorses-trump-after-pennsylvania-rally-incident-2024-7">endorsement of Trump</a> on July 13, the day of the assassination attempt. Although he has repeatedly shown a <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-political-beliefs-public-stances-timeline-republican-desantis-2022-6">rightward shift</a> in his politics, the Tesla CEO had been silent on his preferred candidate until recently.Trump praised Musk at the Saturday rally."Elon. I love Elon Musk. Do we love him?" Trump asked a cheering crowd. "I love him."The former president said that "we have to make life good for our smart people" like Musk but added that he didn't know about the large donation plan and only read the report about it."I read — I didn't even know this, he didn't even tell me about it, but he gives me $45 million a month," Trump said. "I talked to him just a little while ago to say, 'I was coming here. How you doing?' And he didn't even mention it."Musk and a spokesperson for Trump did not return a request for comment from Business Insider.After the Journal published the story about Musk's donation plans, <a target="_blank" class="" href="https://x.com/elonmusk/status/1813097084595163643">Musk responded</a> with a meme with the caption, "FAKE GNUS." However, he also responded "Yeah" to a post from an X account that said, "Elon Musk went from being an Obama voter to pledging $180 million to elect DJT. The woke left really f*cked up. Badly."On the surface, Musk's increasing gravitation toward Trump would appear at odds with their own interests: one runs a successful electrical vehicle company that has <a target="_blank" href="https://www.businessinsider.com/elon-musk-list-government-subsidies-tesla-billions-spacex-solarcity-2021-12">benefited from government subsidies</a>, while the other is making EVs a political sticking point.During the Saturday rally, Trump said he thinks electric cars are "incredible, but they're not for everybody.""Some people have to drive long distances, and they tend to be more expensive," he said.The former president said later in the rally that he plans to eliminate the "electric vehicle mandate on day one," even though the Biden administration has not implemented such a mandate.Some critics say the stricter emissions regulations issued by the <a target="_blank" href="https://www.businessinsider.com/biden-ev-emissions-rule-labor-unions-auto-industry-2024-3">Environmental Protection Agency</a> in March force automakers to make electric vehicles a large part of their sales.Still, the Journal reported that Trump's appraisal of electric vehicles in recent weeks while bashing any potential government mandate around them represents a shift in tone from the former president.Musk, for his part, has <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-donation-donald-trump-still-no-tweet-x-twitter-2024-7">given Trump his platform back</a> on Twitter-turned-X — though Trump has only posted on the account a few times — and said earlier this week that he supports taking away government subsidies."Take away the subsidies. It will only help Tesla," Musk said <a target="_blank" class="" href="https://x.com/elonmusk/status/1813112958157005259">on X</a> on July 16. "Also, remove subsidies from all industries."

Trump says he loves Elon Musk even though he never heard of the $45 million-a-month donation plan from the billionaire

<ul class="summary-list"><li>Donald Trump doesn't see eye-to-eye with Elon Musk on electric vehicles.</li><li>The former president said the Biden administration's EV mandate was made by "very stupid people."</li></ul>Donald Trump <a target="_blank" href="https://www.businessinsider.com/trump-met-with-elon-musk-for-potential-campaign-donation-nyt-2024-3">may be courting Elon Musk</a> for potential campaign support, but don't expect the former president to change his messaging on EVs anytime soon.Trump confirmed that he met with the Tesla CEO recently in an <a target="_blank" href="https://twitter.com/SquawkCNBC/status/1767170718041555053">interview</a> on CNBC's SquawkBox on Monday, but said he didn't know whether he would eventually receive Musk's endorsement.He added that, while he personally likes the Tesla CEO, the two are "obviously" not on the same page when it comes to "a minor subject called electric cars.""They don't go far, they cost too much, and they're all going to be made in China," he said.While Trump said he is "all for" EV production, he suggested that an all-electric future is impractical in the short term due to the state of the US electric grid, which he described as "obsolete and a disaster.""You have to have all of the alternatives," he said."Electric cars — there's not even the possibility to go all-electric," he added. "This Biden all-electric mandate is by very, very stupid people."The former president was presumably referring to his successor's push to ramp up EV production to 60% of new vehicles by 2030. Those targets, announced last year, <a target="_blank" href="https://www.businessinsider.com/biden-is-probably-going-to-ease-strict-ev-requirements-2024-2">are reportedly being loosened</a> thanks to lagging EV sales recently.The Biden administration has also invested in billion-dollar efforts to <a target="_blank" href="https://www.businessinsider.com/biden-largest-federal-investment-ever-try-fix-power-grid-2023-10">strengthen the power grid</a> and <a target="_blank" href="https://www.businessinsider.com/biden-electric-car-charging-stations-national-network-plan-tesla-2022-2">expand the availability of charging networks</a>.Trump made headlines on Christmas for a post on Truth Social where he said that supporters of <a target="_blank" href="https://www.businessinsider.com/donald-trump-electric-car-supporters-rot-hell-christmas-truth-social-2023-12">"Electric Car Lunacy,"</a> among others, are "THUGS" who can "ROT IN HELL." Trump posted the message, which also mentioned "No Energy Independence" and the "Green New Scam," as he lashed out against the <a target="_blank" href="https://www.businessinsider.com/donald-trump-key-cases-civil-criminal-investigations-lawsuits-updates-2022-7">criminal charges he faces.</a>Trump met with Musk in Palm Beach, Florida, last week, as he looks to boost donations to his presidential campaign. Musk later said that he would not donate money to "either candidate for US president" — <a target="_blank" href="https://www.businessinsider.com/elon-musk-donald-trump-president-campaign-donation-will-he-2024-3">though some are unconvinced</a>.During the Trump administration, Musk served on two presidential advisory councils but left after Trump elected to withdraw the US from the <a target="_blank" rel="" href="https://www.businessinsider.com/elon-musk-leaving-trumps-councils-after-us-withdraws-from-paris-climate-deal-2017-6">Paris Climate Accords.</a>Musk has previously suggested that Trump's links to the oil and gas industry <a target="_blank" href="https://www.businessinsider.com/elon-musk-trumps-campaign-donations-oil-gas-limit-tesla-support-2020-9">limited his support of EV manufacturers like Tesla during his presidency</a>. Musk also claimed he <a target="_blank" rel="noopener nofollow" href="https://twitter.com/elonmusk/status/1625248292006424576">voted for Biden</a>, not Trump, in 2020 — though, according to his biographer, <a target="_blank" href="https://www.businessinsider.com/elon-musk-didnt-vote-biden-trump-president-2020-general-election-2023-9">he actually stayed home on Election Day</a>. In May 2022, Musk said he planned on voting Republican in "this election," but didn't specify if he meant the midterms or the 2024 presidential election. Later that year, he said he was undecided on whether he'd vote for Trump. Trump hasn't shied away from criticizing Musk in recent years. In 2022, Trump said the tech billionaire had come to the White House <a target="_blank" href="https://www.businessinsider.com/trump-elon-musk-beg-for-help-online-feud-esclates-2022-7">asking for help "on all of his many subsidized projects,"</a> including his "electric cars that don't drive long enough," his "driverless cars that crash," and his "rocketships to nowhere.""I could have said, 'drop to your knees and beg,' and he would have done it," the former president said at the time.Trump on Monday acknowledged the United Auto Workers recently endorsed President Biden's campaign — adding that union leaders were "like blind sheep." Nevertheless, he asserted that "the autoworkers are going to vote for Trump."

Trump confirms he met with Elon Musk, but they disagree about electric cars

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Halfway through the week! Have an extra $22 million lying around? Check out this <a target="_blank" href="https://www.businessinsider.com/montana-ranch-housed-soviet-defector-viktor-belenko-on-sale-million-2024-7">newly listed ranch in Montana</a>, which was once home to a Soviet Union pilot who defected to the West.In today's big story, we're looking at <a target="_blank" href="https://www.businessinsider.com/inflation-dynamic-pricing-surge-cost-fatigue-2024-7">why pricing is so weird these days</a>.What's on deck:<ul><li>Markets: Forget AI. JPMorgan says <a target="_blank" href="https://www.businessinsider.com/stock-market-where-to-invest-investing-strategy-ai-economy-jpmorgan-2024-7">these three sectors</a> could offer gains like "coiled springs."</li><li>Tech: Staff say Tesla <a target="_blank" href="https://www.businessinsider.com/tesla-prioritizes-musk-vip-data-self-driving-2024-7">prioritizes VIP data</a> to train its self-driving cars.</li><li>Business: Beige begone. Colorful, <a target="_blank" href="https://www.businessinsider.com/zillow-gone-wild-weird-unique-houses-homes-hot-homebuying-selling-2024-7">wacky homes are in</a>.</li></ul>But first, that costs how much?!<hr />If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><hr /><h3 id="96623c87-7dd6-49a3-8d36-c62b6d2a0b32">The big story</h3><h2 id="4b5c5264-c8aa-405f-8197-d0eded9ba20f">The age of wild price swings</h2><div type="image" title="Retail sign amidst a pile of clothes, displaying 'Special Prices' with a slot machine effect showing changing prices" height="900" width="1200" msid="111639143" hostid="261" sizebytes="30092"></div>If the cost of living in America is giving you whiplash right now, you're not alone.Over the past few years, we've (perhaps begrudgingly) grown accustomed to dynamic pricing. Whether it's the cost of Ubers, airline tickets, or popular artists' concerts, prices that fluctuate based on market conditions are the new norm.But after a few years of infecting big-ticket items, writes Business Insider's Emily Stewart, wildly varying prices are coming to everyday items — and <a target="_blank" href="https://www.businessinsider.com/inflation-dynamic-pricing-surge-cost-fatigue-2024-7">it's driving Americans crazy</a>.Remember <a target="_blank" href="https://www.businessinsider.com/wendys-surge-dynamic-pricing-controversy-fast-food-cost-uber-airlines-2024-2">Wendy's "dynamic pricing" fiasco</a>? The fast-food chain botched the rollout of its new variable price model and had to insist it wouldn't be used to charge more during peak hours. More recently, Walmart introduced digital price tags, which some people said could be used for variable pricing. (Walmart said its "everyday low price" strategy isn't changing.)And when prices aren't fluctuating, they're simply higher: Everything from <a target="_blank" href="https://www.businessinsider.com/why-fast-food-is-so-much-more-expensive-value-affordable-2024-4">fast food</a> to <a target="_blank" href="https://www.businessinsider.com/housing-market-affordability-homebuyer-earnings-income-price-trends-covid-comparison-2024-2">new homes</a> has shot up in price since the pandemic.The result can be maddening, especially when we can clearly remember a time when prices felt more reasonable. The constantly changing costs have consumers feeling a sense of price fatigue, Emily writes.<div type="image" title="distorted one-dollar bill" height="546" width="1102" msid="111639145" hostid="261" sizebytes="52272"></div>Sometimes, the only way out is through.How do you begin to fix — or even just accept — such astronomical pricing? Emily writes that most economists agree that government-mandated price-fixing isn't the way to go about it. And while inflation is getting better, the potential of it getting worse again still looms.Then there's the problem of AI-powered price gouging.BI recently reported that companies use artificial intelligence to figure out how much you make, where you're located, and what kind of mood you're in — and use it to <a target="_blank" href="https://www.businessinsider.com/ai-quietly-picking-your-pocket-with-personalized-pricing-2024-7">calculate exactly how much you'd be willing to pay for something</a>.And you can't fight algorithms that know you better than you know yourself.So, as Emily writes, you can't fault anyone for feeling a certain sense of doom and gloom about the economy. Heck, some people have come to feel like the <a target="_blank" href="https://www.businessinsider.com/inflation-cost-of-living-what-is-middle-class-housing-market-2024-4">middle-class American dream is out of reach entirely</a>.In times like this, she says, the only way to get used to such high prices is to try to forget what those numbers were in 2019.<hr /><h2 id="afa38848-bdf1-4d03-8378-6614b081886a">3 things in markets</h2><div type="image" title="stocks, earnings" height="960" width="1920" msid="111639147" hostid="261" sizebytes="154026"></div><ol><li>Forget AI — look into these three underbought areas. Investors are still caught up in the artificial intelligence frenzy, but <a target="_blank" href="https://www.businessinsider.com/stock-market-where-to-invest-investing-strategy-ai-economy-jpmorgan-2024-7">unrealized upside exists in the semiconductor, rail and parcel, and home improvement sectors</a>. According to JPMorgan, they could offer gains like "coiled springs."</li><li>EV stocks roar to life. Electric vehicle stocks are soaring as second-quarter deliveries trounced Wall Street estimates. Tesla, Rivian, and Lucid Group have all seen major rebounds, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-outlook-ev-rebound-rivian-lucid-elon-musk-2024-7">a promising sign for the sector</a>.</li><li>How to avoid a recession. Artificial intelligence, immigration, and rich people <a target="_blank" href="https://www.businessinsider.com/us-economy-outlook-ai-immigration-rich-people-will-prevent-recession-2024-7">will save the US economy</a> from a decline, according to Michael Arone, a State Street investment strategist.</li></ol><hr /><h2 id="8445eeb9-2ee7-425f-b2b4-0bab141dabbc">3 things in tech</h2><div type="image" title="An animation of a scanner line going over Elon Musk in a car" height="1500" width="2000" msid="111639142" hostid="261" sizebytes="449274"></div><ol><li>Not all self-driving cars are created equal. Tesla employees were told to prioritize data from self-driving cars belonging to Elon Musk and other VIPs. Current and former staffers say the result was excessive attention to routes frequented by high-profile drivers — <a target="_blank" href="https://www.businessinsider.com/tesla-prioritizes-musk-vip-data-self-driving-2024-7">and an uneven use of Tesla's resources</a>.</li><li>"Fightertown, USA" gets an AI revamp. San Diego was once home to a Navy pilot program that inspired the movie "Top Gun." Four decades later, defense tech startups are bringing the aviation boom back, with a twist: The new aircraft don't have pilots at all. <a target="_blank" href="https://www.businessinsider.com/inside-san-diego-unmanned-aircraft-boom-2024-7">They're powered by AI</a>.</li><li>TikTok's music AI chatbot could help it take on Spotify. The new AI assistant, Tonik, can curate a specific playlist based on any mood, help users discover new music, and more. <a target="_blank" href="https://www.businessinsider.com/tiktok-music-ai-chatbot-tonik-could-help-take-on-spotify-2024-7">BI tested it out last month and was pretty impressed</a> — but it still has some work to do.</li></ol><hr /><h2 id="52a8619f-db58-413c-acfb-c2d5c83ee4e6">3 things in business</h2><div type="image" title="A bird looking at a strange birdhouse" height="1500" width="2000" msid="111639140" hostid="261" sizebytes="224078"></div><ol><li>Wacky homes are all the rage. Thanks to the viral Instagram account "Zillow Gone Wild," kooky, colorful, and maximalist homes are having a moment. Distaste for cookie-cutter houses and exasperation with the age of beige <a target="_blank" href="https://www.businessinsider.com/zillow-gone-wild-weird-unique-houses-homes-hot-homebuying-selling-2024-7">drive demand for homes with a lot more flavor</a>.</li><li>The world's richest people are flocking to Idaho. Billionaires are swarming Sun Valley for an annual summit of the rich, and their private jets are overwhelming the ski town's tiny airport. An official guest list of the "summer camp for billionaires" isn't public, but <a target="_blank" href="https://www.businessinsider.com/private-jets-billionaires-sun-valley-allen-and-co-conference-2024-7">we have some ideas about who's attending</a>.</li><li>Sorry, you'll have to wait a little longer for that flying car. Pivotal, the flying-car venture backed by Google cofounder Larry Page, <a target="_blank" href="https://www.businessinsider.com/larry-page-pivotal-flying-car-company-quietly-delays-shipments-2024-7">delayed its first shipments to customers</a> by another nine months. It now expects to deliver the airborne autos in spring 2025.</li></ol><hr /><h2 id="ed3a6986-5544-43ac-967e-03b7605cbe61">In other news</h2><ul><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/kamala-harris-tough-position-biden-replacement-strategy-2024-7">Kamala Harris is in a tough spot</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/amazon-andy-jassy-wall-street-analyst-praises-turnaround-effort-2024-7">A Wall Street analyst who wrote a blistering open letter to Amazon CEO Andy Jassy last year now sees big improvements</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/joe-biden-shouldnt-take-cognitive-test-experts-president-trump-2024-7">Pressure is mounting on Biden to take a cognitive test. It could be a 'slippery slope' for future presidents, experts say</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/chainguard-triples-valuation-new-vc-funding-round-2024-7">Software security startup Chainguard is raising a new funding round at a $1.1 billion valuation, sources say</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/tesla-rival-byd-chinese-evs-expands-in-europe-new-factory-2024-7">Beware, Elon Musk — BYD just took its next step to world domination</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/george-stephanopoulos-thinks-president-cant-serve-4-more-years-2024-7">Days after his big Biden interview, George Stephanopoulos says the man won't make it through 4 more years in office.</a></li><li><a target="_blank" href="https://www.businessinsider.com/meta-tiktok-top-brand-choices-snap-more-cost-effective-2024-7">Meta and TikTok are the top choices for brands looking to find new customers — but Snap could be more cost-effective</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/dyson-layoffs-1000-workers-global-staff-cuts-2024-7">Dyson is laying off about 1,000 workers amid 'fierce and competitive global markets.'</a></li><li><a target="_blank" href="https://www.businessinsider.com/wall-street-journal-lawsuit-reporter-controversial-pip-2024-7">A former Wall Street Journal reporter said she was put on a PIP after requests to work remotely. Now she's suing the news outlet</a>.</li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/alon-tal-oren-alexander-brothers-fbi-probe-sexual-assault-2024-7">Multimillionaire real estate brothers facing sexual assault accusations are now the focus of an FBI probe</a>.</li></ul><hr /><h2 id="6a8f1287-3363-4169-8e52-5148aa0c9e02">What's happening today</h2><ul><li>President Biden meets new UK Prime Minister Keir Starmer, whose <a target="_blank" href="https://www.businessinsider.com/uk-labour-party-back-in-power-rishi-sunak-concede-defeat-2024-7">Labour Party trounced incumbent Rishi Sunak's Conservatives</a> in last week's election.</li><li>Fed Chair Jerome Powell presents the Semiannual Monetary Policy report in Congress.</li><li>Samsung hosts a Galaxy Unpacked event, featuring new product launches.</li></ul><hr />The Insider Today team: Jordan Parker Erb, editor, in New York. Lisa Ryan, executive editor, in New York. Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.

Pricing is really weird lately

<ul><li><keyword id="11893881" type="UNKNOWN" weightage="60" keywordseo="cathie-wood" source="Orion">Cathie Wood</keyword> has admitted short-term defeat in her 2020 prediction that <keyword id="11894590" type="UNKNOWN" weightage="60" keywordseo="oil-prices" source="Orion">oil prices</keyword> would crash to $12 per barrel.</li><li>WTI Crude <keyword id="11896879" type="UNKNOWN" weightage="60" keywordseo="oil" source="Orion">Oil</keyword> prices soared to $120 per barrel on Monday amid Russia's invasion of Ukraine.</li><li>"I got the supply shock wrong. That said, the accelerated shift toward electric transportation will destroy oil consumption at the margin," Wood said.</li></ul><hr />A few months after <a href="https://www.businessinsider.com/negative-oil-prices-mean-producers-pay-people-to-take-oil-2020-4">oil prices briefly dipped into negative territory</a> in 2020, <keyword id="11898779" type="UNKNOWN" weightage="60" keywordseo="ark-invest" source="Orion">Ark Invest</keyword>'s Cathie Wood made the bold prediction that another crash was coming."Oil demand probably hit a secular peak last year and, thanks to <keyword id="11897958" type="UNKNOWN" weightage="60" keywordseo="electric-vehicles" source="Orion">electric vehicles</keyword>, now is in secular 'decline.' Though ARK has no formal forecast, I believe that oil prices are on their way back to $12, the level reached after the 1973 oil cartel crisis, or lower, now that EVs are taking off," <a href="https://twitter.com/CathieDWood/status/1283517274415075330">Wood tweeted on July 15, 2020.</a>But since oil prices bottomed in 2020 amid the COVID-19 pandemic, which destroyed demand and led to a brief oversupply shock, oil prices have done nothing but soar. On Monday, <a href="https://markets.businessinsider.com/news/commodities/oil-surges-130-dollars-a-barrel-russia-crude-ban-fears-2022-3">WTI Crude Oil spiked to $120 per barrel,</a> reaching its highest level since 2008.The surge in oil prices comes as transportation demand recovers thanks to a receding COVID-19 pandemic. But the recent surge has been exacerbated by <a href="https://www.businessinsider.com/ukraine-says-russia-attacking-different-directions-full-scale-invasion-2022-2?utm_medium=ingest&amp;utm_source=markets">Russia's invasion of Ukraine</a> and growing global threats of boycotts of Russia's oil. Russia is responsible for about 10% of the world's total oil production.Given the wide dispersion between Wood's oil target and today's reality, the innovation investor <a href="https://twitter.com/CathieDWood/status/1500775095857467396">admitted defeat in a tweet on Monday,</a> but recommitted to the idea that oil prices will eventually crash to the teens, representing a 90% decline from current levels."I got the supply shock wrong. That said, the <a href="https://markets.businessinsider.com/news/stocks/ark-invest-ceo-cathie-wood-tech-stocks-tesla-ukraine-russia-2022-3">accelerated shift toward electric transportation</a> will destroy oil consumption at the margin. Long term, though longer than I expected, oil prices will collapse under the weight of lower demand," Wood said. Wood blamed the Biden administration's "energy insecurity policies," the growth of ESG investing mandates, which often limit investments in oil companies, and Russia's invasion of Ukraine as reasons for the surge in oil prices.But those higher prices "will accelerate demand destruction" as they become more and more untenable for everyday consumers in the long-term. And for as long as oil prices stay elevated, the attractiveness of an electric vehicle and its ability to sidestep the gas pump will grow for consumers."Innovation solves problems!" Wood said.

Cathie Wood admits short-term defeat in her call for oil to plunge to $12 per barrel, but still expects prices to crash 'under the weight of lower demand'

<ul class="summary-list"><li>Congress passed <a href="https://www.businessinsider.com/read-heres-whats-in-the-manchin-deal-for-bidens-agenda-2022-7">the Inflation Reduction Act</a> on Friday, sending it to President Joe Biden to sign into law.</li><li>The bill includes a $369 billion <a href="https://www.businessinsider.com/global-food-crisis-unfolding-how-its-affecting-13-places-worldwide-2022-8">climate</a> package that Sen. <a href="https://www.businessinsider.com/dem-talks-manchin-were-secretive-schumers-no-2-didnt-know-2022-7">Chuck Schumer</a> and <a href="https://www.businessinsider.com/manchin-fends-off-gop-attack-new-bill-raise-taxes-americans-2022-8">Joe Manchin</a> agreed to.</li></ul>Congress just passed <a href="https://www.democrats.senate.gov/imo/media/doc/inflation_reduction_act_of_2022.pdf">the most significant climate bill</a> in US history, paving the way for cheaper energy and a more livable planet.On Friday, <a href="https://www.businessinsider.com/house-passes-inflation-reduction-act-sending-it-to-biden-2022-8">the House approved the Inflation Reduction Act</a>, clearing the bill's last obstacle in Congress and sending it to President Joe Biden's desk for him to sign into law. The plan doles out <a href="https://www.democrats.senate.gov/imo/media/doc/inflation_reduction_act_one_page_summary.pdf?utm_campaign=Nexus%20Finance%20Newsletter&amp;utm_medium=email&amp;_hsmi=221448446&amp;_hsenc=p2ANqtz-_rYVKOck_JqOvKeFrIbrbT5IF7UMOyVe9zdKbTDFK_sRD-Vs9Ah4wqanaRimAtUeXm0XAoC66kQuGbWej-vkzsulKMuA&amp;utm_content=221448446&amp;utm_source=hs_email">about $369 billion for climate programs</a>, aiming to expand renewable energy such as solar, wind, and cleaner fuels, while making it less expensive to buy electric vehicles and home appliances.The act is more than a year and a half in the making. In its final weeks, it wasn't clear if its climate plan would survive, as Democratic holdouts Sen. Joe Manchin of West Virginia and Sen. Kyrsten Sinema of Arizona prevented the party unity required to get the package through Congress. But <a href="https://www.businessinsider.com/democrats-reach-agreement-on-inflation-reduction-act-schumer-says-2022-8?r=US&amp;IR=T">Democrats quickly united</a> to pass the bill after Manchin and Majority Leader Chuck Schumer struck a <a href="https://www.businessinsider.com/manchin-deal-on-biden-agenda-democrats-midterms-congress-2022-7">surprise deal</a> on July 27.<div type="image" title="workers install solar panels using a drill" height="1707" width="2276" msid="93379972" hostid="261"></div>Once it becomes law, the bill would put the US on track to cut its greenhouse-gas emissions by up to 44% from 2005 levels by the end of the decade, <a href="https://rhg.com/research/inflation-reduction-act/">according to</a> <a href="https://www.democrats.senate.gov/imo/media/doc/inflation_reduction_act_one_page_summary.pdf">multiple assessments</a>.Experts say the new climate plan also promises savings, health boons, and higher quality of living for everyday people across the US.<div type="image" title="sun sets behind power transmission lines" height="1584" width="2113" msid="93332119" hostid="261"></div>"This isn't about the sky, or the polar bears," Jonathan Foley, executive director of Project Drawdown, a climate nonprofit, told Insider, adding, "This is about you and your pocketbook, your jobs, the air your kids breathe, the town you live in, our national security."Here are five ways the new climate-change package could make your life better:<h2>Lower energy bills</h2><div type="image" title="woman stirs pot on stove under light fixtures" height="1440" width="1920" msid="93332121" hostid="261"></div>The new climate plan includes about $30 billion in loans and grants for states and electric utilities to adopt more renewable energy, plus more than $60 billion in tax credits for manufacturers of solar panels, wind turbines, batteries for electric vehicles, energy storage, and other technology, <a href="https://www.democrats.senate.gov/imo/media/doc/summary_of_the_energy_security_and_climate_change_investments_in_the_inflation_reduction_act_of_2022.pdf">according to a summary from Senate Democrats</a>.Solar and wind <a href="https://www.weforum.org/agenda/2021/07/renewables-cheapest-energy-source/#:~:text=Financing%20the%20transition%20to%20renewable,major%20countries%2C%20the%20outlook%20found.">already generated cheaper electricity than fossil fuels</a>, even before oil and gas prices soared this year. Yet they still only <a href="https://www.eia.gov/todayinenergy/detail.php?id=46676#:~:text=In%20its%20Annual%20Energy%20Outlook,for%20most%20of%20that%20growth.">account for about 20%</a> of US energy use. The Inflation Reduction Act could speed up a shift away from fossil fuels and also make it less expensive to hook up your home with electric.<div type="image" title="wind turbine in a field of turbines against blue sky mountains in the background" height="1533" width="2044" msid="93332123" hostid="261"></div>A total of $9 billion in home energy rebates goes to helping Americans insulate their homes and replace stoves, furnaces, water heaters, and other appliances with electric alternatives. Homeowners can deduct up to 30% of installation costs from their taxes. A similar deduction for solar is guaranteed for homeowners and expanded to residential battery storage."This is really about delivering lower energy bills for everyday Americans," Leah Stokes, an environment and energy politics professor at University of California, Santa Barbara, said in a press briefing on July 28. She noted that high oil and gas prices are a major driver of inflation that ripples across every industry, from transportation to manufacturing to agriculture.<div type="image" title="two adults one child eat dinner at a table with paper plates and bouquet of flowers" height="1533" width="2044" msid="93332124" hostid="261"></div>"When fossil fuels go up, other goods and services go up," Stokes said.The average household could save $1,800 on their energy bill each year by installing a modern electric heat pump and rooftop solar and buying an electric vehicle, according to an <a href="https://www.rewiringamerica.org/policy/inflation-reduction-act">analysis by Rewiring America</a>, a think tank that promotes electrification.<h2>Cheaper electric vehicles</h2><div type="image" title="electric pump plugged into the back of a silver car" height="1533" width="2044" msid="93332125" hostid="261"></div>The bill extends an existing $7,500 tax credit for new EVs — offered as a discount at the point of sale — and offers up to $4,000 for used EVs and plug-in hybrids.It also lifts the cap on the number of tax breaks automakers can offer, benefiting companies like Tesla, General Motors, and Toyota that already hit the limit, as long as the vehicle is assembled in the US. "Once people own an electric car, they're going to laugh every time they drive by a gas station, when they see $5 a gallon," Foley said, adding, "I think this will help us reach a tipping point, where five to 10 years from now you won't see gas cars sold anymore, or very few."<div type="image" title="blue gas station sign shows prices above six dollars" height="1533" width="2044" msid="93332126" hostid="261"></div>There are some caveats, like your income, the vehicle's price tag, and where its parts are made.If you earn $150,000 or more a year, or $300,000 in joint family income, you won't qualify for the new car tax credit. There's a limit on the price of the car, too. Bigger vehicles, such as SUVs and pickup trucks, must cost less than $80,000, and smaller cars less than $55,000, to qualify for the credit.For used cars, the income limit is $75,000 for single tax filers and $150,000 for joint filers. The sticker price must be $25,000 or below.The bill also requires vehicle batteries to be made with 40% of minerals extracted or processed in countries the US has a free trade agreement with, or recycled in North America. But supply chains for those minerals don't exist yet, <a href="https://www.eenews.net/articles/climate-bill-would-create-roadblock-for-full-ev-tax-credit/">E&amp;E News reported</a>. The majority of lithium, cobalt, nickel, and other minerals used in EV batteries come from China, Russia, and the Democratic Republic of Congo, although analysts told E&amp;E News they hope the mandate spurs a made-in-America market.<h2>Cleaner air to breathe</h2><div type="image" title="silhouette on skateboard jumps through the air against blue sky sunset" height="1531" width="2042" msid="93332127" hostid="261"></div>With fewer gas-guzzling cars on the road, and fewer industrial sites powered by fossil fuels, air would be cleaner and safer to breathe."These sorts of climate measures could also reduce particulate matter or ozone smog, as kind of a side benefit that would directly, immediately improve health," Scot Miller, an assistant professor of environmental health and engineering at Johns Hopkins, told Insider.That drop in air pollution could prevent up to 3,900 premature deaths and 100,000 asthma attacks by 2030, according to an <a href="https://energyinnovation.org/wp-content/uploads/2022/08/Modeling-the-Inflation-Reduction-Act-with-the-US-Energy-Policy-Simulator_8.1.22.pdf">analysis</a> by the policy-research firm Energy Innovation LLC.<div type="image" title="tall buildings poke out above layer of green brown smog in valley with mountains in the background" height="1593" width="2124" msid="93332129" hostid="261"></div>The American Lung Association pointed to those clean air and health gains in a <a href="https://www.lung.org/media/press-releases/lung-association-inflation-reduction-act-statement">statement</a> on July 28, urging Congress to "move swiftly" and "without delay" to pass the new bill into law.The bill also includes provisions to fund cleanup of dangerous pollution sites, which are disproportionately concentrated in low-income communities of color.The investment is "probably not enough, but it's more than we've ever spent before," Foley said.<h2>Jobs, jobs, jobs</h2><div type="image" title="workers install a large vehicle battery onto an orange table" height="1451" width="1934" msid="93332130" hostid="261"></div>By investing about $60 billion in manufacturing — everything from heat pumps to wind turbines — this climate plan could help keep clean-energy companies in the US, securing "good paying, and hopefully union, jobs," Stokes said.It's not just manufacturing. Renewable-energy infrastructure needs to be installed and maintained. The bill funds new electricity-transmission lines, offshore wind projects, housing retrofits, renewable-energy projects in rural areas, and repurposing or replacing defunct energy infrastructure.<div type="image" title="worker sits inside the base of a giant tube shaped wind turbine blade on its side inside manufacturing garage facility" height="1666" width="2223" msid="93332131" hostid="261"></div>All that work requires workers. The new climate plan would create up to 1.5 million jobs by 2030, according to the Energy Innovation analysis.The bill also focuses on communities historically associated with oil, gas, and coal extraction, by providing a tax incentive for companies that create renewable-energy jobs in those places.<h2>Protection from extreme weather</h2><div type="image" title="man shields baby's fun from the sun in kiddie pool" height="1666" width="2222" msid="93332132" hostid="261"></div>Climate change is making droughts, floods, wildfires, and heat waves more severe and more frequent. These weather events cause serious damage to human property and infrastructure and cost lives.The bill provides funding for communities to mitigate the health effects of extreme heat, to prevent and respond to wildfires, and to prepare for coastal climate impacts like severe hurricanes and flooding from sea-level rise. It now includes billions of dollars to fight droughts, a request Sinema made before giving her approval, according to <a href="https://www.nytimes.com/2022/08/04/us/politics/sinema-inflation-reduction-act.html">The New York Times</a>.The bill also gives the National Oceanic and Atmospheric Administration (NOAA) a funding boost for forecasting and research.<div type="image" title="california wildfire house in flames burning down" height="1666" width="2222" msid="93332133" hostid="261"></div>While the new funds would help communities adapt to extreme events, the bill could also help prevent weather from getting even more extreme. If the world cuts emissions enough to keep global warming below 2 degrees Celsius, that could prevent a significant acceleration in the severity and coverage area of extreme weather."I think everyone I work with in the emissions community is sort of holding their breath and hoping that this [bill] goes through," Miller said.This story has been updated with new information. It was originally published on August 3, 2022.

Congress passed the biggest climate package in US history. For you, it means cheap energy, clean air, and jobs.

<ul class="summary-list"><li>Rep. <keyword id="12063657" type="UNKNOWN" weightage="60" keywordseo="dan-crenshaw" source="Orion">Dan Crenshaw</keyword> recently invested in Tesla and Rivian Automotive stock.</li><li>He's on a key committee that regulates EVs but has voted against expanding access to the vehicles. </li></ul>Rep. <a href="https://www.businessinsider.com/category/dan-crenshaw">Dan Crenshaw</a> of Texas wanted Americans to know just how "obsessed" liberals are with electric vehicles that are "not all they're hyped up to be." "EV's are far from an environmentalist panacea," the Texas Republican wrote on Twitter roughly a year ago. "Massive infrastructure is required to support them, range is limited, and large industrial transport still needs gas."<blockquote class="twitter-tweet blockquote" data-lang="en" data-cards="" data-conversation="">—Dan Crenshaw (@DanCrenshawTX) <a href="https://twitter.com/mims/statuses/1356606015937138692?ref_src=twsrc%5Etfw">February 2, 2021</a></blockquote>But in recent weeks, Crenshaw has personally sought to profit from <keyword id="11938291" type="UNKNOWN" weightage="60" keywordseo="electric-vehicle" source="Orion">electric vehicle</keyword>s. He reported buying or selling between $8,008 and $120,000 worth of stock shares in electric vehicle manufacturers Tesla and Rivian Automotive, <a href="https://disclosures-clerk.house.gov/public_disc/ptr-pdfs/2022/20020189.pdf" target="_blank" rel="noopener">according</a> to US House financial disclosure <a href="https://disclosures-clerk.house.gov/public_disc/ptr-pdfs/2021/20019942.pdf" target="_blank" rel="noopener">documents</a>.In all, Crenshaw made eight separate trades in Tesla or Rivian Automotive stock between November 9 and December 29, the documents show. On November 29, Crenshaw <a href="https://www.dailywire.com/news/rep-crenshaw-torches-buttigieg-over-out-of-touch-electric-vehicle-comments">criticized</a> Transportation Secretary Pete Buttigieg for advocating that familes buy electric vehicles.<iframe src="https://embed.documentcloud.org/documents/21192052-dan-crenshaw-trades-1/?embed=1&amp;responsive=1&amp;title=1" title="Dan Crenshaw Trades 1 (Hosted by DocumentCloud)" width="700" height="905" style="border: 1px solid #aaa; width: 100%; height: 800px; height: calc(100vh - 100px);" sandbox="allow-scripts allow-same-origin allow-popups allow-forms allow-popups-to-escape-sandbox"></iframe><iframe src="https://embed.documentcloud.org/documents/21192053-dan-crenshaw-trades-2/?embed=1&amp;responsive=1&amp;title=1" title="Dan Crenshaw Trades 2 (Hosted by DocumentCloud)" width="700" height="905" style="border: 1px solid #aaa; width: 100%; height: 800px; height: calc(100vh - 100px);" sandbox="allow-scripts allow-same-origin allow-popups allow-forms allow-popups-to-escape-sandbox"></iframe>The trades coincide with Crenshaw serving on the House Energy and Commerce Committee, a panel that has jurisdiction over renewable energy, conservation, and electric vehicles. The Environment and <keyword id="11896311" type="UNKNOWN" weightage="60" keywordseo="climate-change" source="Orion">Climate Change</keyword> Subcommittee, on which Crenshaw also sits, directly involves itself in matters involving "greenhouse gas emissions from motor vehicles."Crenshaw's investments also come as federal lawmakers on the left and right are questioning whether members of <keyword id="11893699" type="UNKNOWN" weightage="60" keywordseo="congress" source="Orion">Congress</keyword> should be allowed to buy and sell individual stocks at all.In December, Insider released <a href="https://www.businessinsider.com/conflicted-congress-key-findings-stock-act-finances-investing-2021-12" target="_blank" rel="noopener">"Conflicted Congress,"</a> a five-month investigation which found that <a href="https://www.businessinsider.com/congress-stock-act-violations-senate-house-trading-2021-9" target="_blank" rel="noopener">dozens of lawmakers</a> and <a href="https://www.businessinsider.com/congress-staff-violated-stock-act-conflicts-of-interest-possible-2021-12" target="_blank" rel="noopener">at least 182 senior congressional staffers</a> had failed to comply with the reporting requirements of the Stop Trading on Congressional Knowledge Act, or STOCK Act. It also identified numerous conflicts-of-interest issues as well as discord between lawmakers' personal stock trades and their public responsibilities, such as members who craft anti-tobacco policy but<a href="https://www.businessinsider.com/congress-tobacco-stocks-philip-morris-altria-vaping-cigarettes-2021-12" target="_blank" rel="noopener"> invest in tobacco giants</a> and others who receive plaudits from environmental groups for crafting policy aimed at combating the climate crisis — yet<a href="https://www.businessinsider.com/congress-democrats-with-fossil-fuel-stocks-investments-2021-12" target="_blank" rel="noopener"> invest in fossil fuel companies</a>.Crenshaw's office said he invested a total of $17,000 in the electric vehicle stocks, adding that the investments ended up coming at a loss. Some of Crenshaw's trades, the values of which are only required to be disclosed in broad ranges, happened shortly after Tesla CEO Elon Musk <a href="https://twitter.com/elonmusk/status/1457064697782489088?s=20" target="_blank" rel="noopener">said on Twitter</a> that he was considering dumping some of his company's stock. "These are incredibly low dollar amounts being invested, especially when you put them in context with other members who invest huge sums of money in the stock market," Crenshaw spokesman Justin Discigil said, taking a swipe at other House members and <a href="https://markets.businessinsider.com/news/stocks/nancy-pelosi-husband-buys-millions-4-mega-cap-tech-stocks-2021-7" target="_blank" rel="noopener">spouses</a> who have millions of dollars worth of investments. "All of these trades were made using publicly available, well-reported information," he added. "There is absolutely no conflict of interest and any claim otherwise is ridiculous." Darien Davis, a government affairs advocate on climate and clean energy issues for the League of Conservation Voters, told Insider that Crenshaw's electric vehicle company investments are "hypocritical." Last year, Crenshaw voted against a bipartisan infrastructure law that will <a href="https://www.whitehouse.gov/briefing-room/statements-releases/2021/12/13/fact-sheet-the-biden-harris-electric-vehicle-charging-action-plan/#:~:text=The%20Bipartisan%20Infrastructure%20Law%20makes,local%20and%20long%2Ddistance%20trips." target="_blank" rel="noopener">funnel $7.5 billion</a> toward charging stations for electric vehicles. He also voted alongside his GOP colleagues to oppose the <keyword id="12054670" type="UNKNOWN" weightage="60" keywordseo="build-back-better" source="Orion">Build Back Better</keyword> Act, President Joe Biden's climate and social spending bill that would have provided people with tax credits of up to $12,500 for buying electric cars. "He is investing in these companies," Davis said, "so why does he think that he should benefit from investing in clean energy but the American people — consumers who want to buy these cars — shouldn't?" <h2><div type="image" title="Rivian EV maker car electric vehicle Tesla" height="2650" width="3983" msid="89187000" hostid="261"></div></h2><h2>Momentum in Congress to change stock-trading rules</h2>Crenshaw's Tesla and Rivian Automotive stock trades are legal under current law, which generally allows members of Congress to buy and sell individual stocks. The electric vehicle trades also do not violate the STOCK Act's disclosure provisions because Crenshaw reported his transactions before a federally mandated deadline, which is 30- to 45-days, depending on the kind of trade.But good government groups say such cases, while not illegal, raise ethical questions that illustrate why, in their estimation, changes to investment rules in Congress are long overdue. "Being a true public servant means reducing both real and perceived conflicts of interest. That's what we expect from all members, including Rep. Crenshaw," said Nick Penniman, CEO and founder of Issue One. "When members of Congress buy and sell stocks while in office, it creates a perception that they are using their access for personal gain," Penniman added. "And because Rep. Crenshaw sits on the House Energy and Commerce Committee, his investments in electric car companies could raise ethical questions."Members of both parties have called for reforms in recent weeks. US House Republicans in particular plan to run 2022 midterm campaigns with promises to deliver on a forthcoming proposal to restrict or ban members of Congress from trading individual stocks, according to multiple <a href="https://www.cnbc.com/2022/01/24/gop-leaders-discuss-plans-to-campaign-on-limiting-congress-members-stock-trades.html" target="_blank" rel="noopener">reports</a>.Discigil told Insider that Crenshaw, who the Daily Beast last year reported had <a href="https://www.thedailybeast.com/texas-rep-dan-crenshaw-decided-the-covid-19-pandemic-was-the-perfect-time-to-buy-and-not-disclose-stocks" target="_blank" rel="noopener">violated</a> the STOCK Act with separate — and late — late stock trade disclosures, agrees with the push."Congressman Crenshaw has made very minimal investments and fully supports the ban on individual stock trades," he said. Crenshaw is a former member of the Navy SEALs who has quickly risen in Congress as a GOP star. But the congressman has experienced a turbulent few months, politically, having <a href="https://www.businessinsider.com/dan-crenshaw-campaign-committee-theft-stolen-money-2021-9" target="_blank" rel="noopener">endured a theft</a> from his political committees, a controversy over <a href="https://www.texastribune.org/2022/01/26/dan-crenshaw-texas-mail-in-ballot-voting-law/" target="_blank" rel="noopener">sending mail-in ballot applications</a> to senior voters in Texas, and his star turn in a viral video where he <a href="https://www.newsweek.com/video-shows-rep-dan-crenshaw-argue-young-girl-criticizing-him-pac-meeting-1670387" target="_blank" rel="noopener">lambasted</a> a <a href="https://twitter.com/thejamesonellis/status/1483597789317767169" target="_blank" rel="noopener">young woman</a> for <a href="https://factcheck.thedispatch.com/p/did-rep-dan-crenshaw-shout-at-a-0" target="_blank" rel="noopener">questioning</a> him at a political event. Crenshaw has also said fellow Republican Rep. Marjorie Taylor Greene of Georgia — an <a href="https://www.businessinsider.com/mtg-congress-stock-sale-microsoft-activision-2022-1">active stock trader herself</a> — is either a "Democrat" or an "idiot" for <a href="https://www.businessinsider.com/dan-crenshaw-mtg-democrat-or-idiot-coronavirus-policy-online-spat-2022-1">criticizing him</a> over his COVID-19 testing ideas. And despite his electric vehicle investments, Crenshaw hasn't found much appreciation from environmental groups. Crenshaw has only a 14% rating from the League of Conservation Voters. Political action committees representing oil and gas interests have ranked <a href="https://www.opensecrets.org/members-of-congress/dan-crenshaw/pacs?cid=N00042224&amp;cycle=2020" target="_blank" rel="noopener">among his top political contributors</a>, according to the nonpartisan transparency group OpenSecrets that tracks money in <keyword id="11893346" type="UNKNOWN" weightage="100" keywordseo="politics" source="Orion">politics</keyword>.Environmental groups are pushing Congress to expand access to electric vehicles as a way to combat the climate crisis given that the transportation sector plays an outsized role in air pollution. Biden wants half of all new cars purchased in the US by 2030 to be electric vehicles. Increasing the number of electric charging stations and providing subsidies to help people pay for cars are both seen by environmental groups as a crucial factor toward getting there. For now, the Build Back Better Act has stalled in Congress because it lacks the votes in the Senate, which has a 50-50 split between Democrats and Republicans. Despite the policy slowdown, Davis told Insider she saw a positive sign in Crenshaw's investments. "I'm choosing to see it as a good sign that one of the most outlandish, anti-environment members of Congress understands some of the benefits of moving to a clean energy future," she said.

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