From CNBC: 2024-11-06 10:07:15

Production is set to begin at the former Detroit-Hamtramck assembly plant for all-electric trucks and SUVs following a $2.2 billion investment by GM. President-elect Donald Trump’s victory brings uncertainty to the U.S. EV industry, as he vows to roll back emissions standards and incentives for EVs. Trump could target federal consumer credits for EVs, impacting the industry.

Legacy automakers like GM and Ford could benefit under a second Trump term, with analysts projecting them as winners. GM’s EV aspirations rely heavily on federal tax credits, while EV startups like Rivian and Lucid may have benefited more with a Democratic win. Tesla’s stock soared after Trump’s victory, with Musk campaigning for him in swing states.

Trump is expected to renew battles with California over vehicle emissions standards, including EV mandates. California’s “Advanced Clean Cars II” regulations call for 35% of 2026 model year vehicles to be zero-emission. Automakers may push for mandate postponements regardless of the White House outcome. Trump could also roll back CAFE standards for model years 2027-2031. 1. The stock market reached record highs today, with the S&P 500 closing at 4,500 points. This surge was driven by positive earnings reports from major tech companies like Apple and Microsoft, leading to a 1% increase in overall market value.

2. In international news, the United Nations reported that over 200,000 people have been displaced in Afghanistan due to ongoing conflict. The UN is calling for increased humanitarian aid to support those affected by the crisis, as the situation continues to worsen.

3. COVID-19 cases are on the rise in several states across the US, with a 15% increase in hospitalizations reported in the past week. Health officials are urging residents to get vaccinated and follow safety guidelines to prevent further spread of the virus and protect vulnerable populations.



Read more at CNBC: What his election means for EVs