Now that a Republican is going to be the next U.S president, people in most parts of the world are wondering on where the direction of America is going and how the presidency of Donald Trump will impact the economy. With the win of Trump, this means that a lot of Americans are hopeful of a brighter future.
Trump always claim in his campaign speeches that he will make America great again and right after winning, he said that he will bring back work to the Americans. While others are happy, not the same can be said for Tesla CEO, Elon Musk.
According to experts, there will be implications for the electric car manufacturer in terms of the energy policies that Trump plans to have. It is not surprising since the president-elect favors traditional energy sources such as coal and oil while Musk is an advocate for clean energy and sustainable solutions. While Mr. Trump is open to looking for options, he is also pushing for conventional technologies and fuel sources.
He was talking about rolling back regulations of fossil fuels, putting the coal industry back in track and approving the oil pipeline of Keystone XL.
The next administration is seen as being in favor of working more on the oil and gas exploration and production. This might be one of his ways to provide employment for the Americans but this can have a dent on the electric car manufacturing industry.
The downside is that the expiration of tax credits related to technology can affect the electric cars. At present, buyers of electric cars can get tax credits of up to $7,500. This will change when the new administration comes in.
While Tesla has declared of its plans to come up with low-cost electric cars in the future, this might not be that easy to do with the Republican Party on the helm of running the government since Republicans are not known to choose one technology over the other.
