What does Trump’s victory mean for EVs and the battery supply chain?

Benchmark Mineral Intelligence

Donald Trump has regained control of the White House after beating Kamala Harris in the US election this week. Republicans have secured a majority in the Senate and are currently winning the race for the House of Representatives. Having a majority in both houses strengthens Trump’s ability to repeal parts of President Joe Biden’s signature climate legislation, the Inflation Reduction Act (IRA). Since President Biden enacted the IRA in August 2022, more than $110 billion of investments have flowed into the electric vehicles and battery sectors, according to data from Rho Motion. In this video Benchmark analysts look at the impact on the EV and battery supply chains of Trump’s victory. While downstream EV tax credits are likely to be impacted, a lithium and critical mineral mining renaissance could also well happen under Trump.