Republican EV cuts may put U.S. carmakers further behind China, NYT says

President Trump said his policies are set to revive auto manufacturing in the U.S., but Republican attack on EVs could to the opposite, Jack Ewing of The New York Times reports. China already has a head start in EVs and the batteries and materials needed to product them, with companies such as BYD (BYDDF), SAIC, and Geely (GELYF) producing over 70% of the electric cars sold globally in 2024. Tesla (TSLA) is the only American company that ranks among the world’s largest 10 EV makers, with General Motors (GM) and Ford Motor (F) minor players. The budget and policy bill passed by the Senate eliminates tax credits of up to $7,500 for EV buyers and also phases out subsidies for companies that set up battery factories and lithium mines, which may endanger companies that invested to create a U.S. EV supply chain not dependent on China.