President Donald Trump’s recent executive orders could reduce the market share of electric vehicles 28 percent by the end of the decade compared to earlier forecasts, according to a new report.
The analysis from Wood Mackenzie is one of the first projections of how the president’s policies would affect EVs, which were singled out in the policy section of the president’s “Unleashing American Energy” plan. In that order, Trump called for eliminating subsidies and emissions waivers that could boost the technology.
According to the report, the orders and related administration policies could lower the adoption rate of EVs so they make up 23 percent of sales by 2030, rather than an earlier estimated 32 percent.
“The wide-ranging changes will affect everything from subsidies for consumers to funding for EV charging stations,” the report says.