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Trump Revokes Biden’s 50% EV Target, Freezes Charging Station Funds

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U.S. President Donald Trump has revoked a key executive order from his predecessor, Joe Biden, which aimed for electric vehicles (EVs) to account for 50% of new car sales in the U.S. by 2030. In addition, Trump has halted the distribution of unspent government funds for EV charging infrastructure and signaled potential changes to policies favoring electric vehicles.

Key Points:

  • Revocation of EV Target: Trump annulled Biden’s 2021 order to have half of all new vehicles sold be electric by 2030, a target that, though non-binding, had received support from automakers.
  • Freezing Funds: Trump’s order freezes $5 billion allocated for vehicle charging stations that remains unspent.
  • State Waivers: Trump called for the end of state waivers that allow states like California to impose stricter zero-emission vehicle rules, including the plan to ban gasoline-only vehicle sales by 2035.
  • Reconsidering Emissions Rules: The Trump administration plans to review emissions regulations, which require automakers to sell between 30% to 56% EVs by 2032, in line with federal and state emissions targets.
  • Potential Elimination of EV Tax Credits: Trump’s order suggests that his administration could eliminate EV tax credits and other subsidies for electric vehicles, arguing that these policies distort the market.
  • Focus on Oil and Gas: Trump reiterated his support for increasing U.S. oil production while seeking to reverse Biden’s clean energy initiatives, including subsidies for solar, wind, and hydrogen production.

EV Startup Canoo Files for Chapter 7 Bankruptcy and Ceases Operations

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Electric vehicle startup Canoo has announced that it will file for Chapter 7 bankruptcy and cease operations, effective immediately. The decision marks the end of the company’s struggle with rapid cash burn and challenges in raising additional funding. Canoo, which had focused on producing microbus-inspired cargo vans, struggled with uncertain demand for its products and was unable to secure the necessary financial backing to continue its operations.

Canoo’s bankruptcy filing highlights the broader challenges facing electric vehicle startups in a competitive and capital-intensive industry. The company’s decision to cease operations comes as a result of its inability to stabilize its financial situation and navigate the market demand for its vehicles.

 

Tesla Achieves Record China Sales in 2024 Despite Global Decline

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Tesla has reported an 8.8% increase in its China sales for 2024, reaching a record high of more than 657,000 vehicles, marking a strong performance in the face of declining global deliveries. This rise in China, which is Tesla’s second-largest market, contrasts with the company’s overall global sales, which experienced a 1.1% drop for the first time. In December alone, Tesla’s sales in China surged 12.8% from November, reaching another record of 83,000 units.

Tesla’s success in China accounted for 36.7% of its total global deliveries in 2024. Despite this achievement, global deliveries slipped due to a variety of challenges, including a decrease in exports from China by 24%. Factors such as reduced European subsidies, a U.S. shift toward more affordable hybrid vehicles, and rising competition, particularly from China’s BYD, negatively impacted Tesla’s performance.

Tesla’s China-made EVs also faced some setbacks, with exports to Europe and other markets falling by 0.4% in December compared to the previous year. Full-year sales of Tesla’s China-made Model 3 and Model Y vehicles, including both domestic and export figures, saw a 3.3% decline. Exports dropped to approximately 260,000 units, marking the worst performance for Tesla since 2021. The European Union’s investigation into Chinese-made EV subsidies, which led to a 7.8% tariff on Tesla vehicles from China, also contributed to the decline in exports.

John Zeng, an expert at GlobalData, noted that Tesla’s record China sales reflect the unique position of the Chinese market, which remains a significant growth driver in the global electric vehicle sector. In contrast, other major markets are seeing slower growth or even declines. According to industry data, China accounts for a dominant share of the global EV and hybrid market, with over 90% of the increase in global sales attributed to the country in 2024.

Although Tesla’s global sales reached 1.79 million vehicles in 2024, narrowly surpassing BYD’s sales of 1.76 million units, it faces increasing competition from Chinese manufacturers. BYD, in particular, has led the EV price war in China and exceeded its own sales targets, with a 12.1% increase in global sales. Tesla, in response to mounting competition, has been offering discounts and zero-interest financing to maintain its market position in China.