DETROIT – How will Donald Trump’s second presidential election victory affect the auto industry?
Experts are weighing in on that question, and where they believe the future of the auto industry lies now that Trump is heading back into office. Some believe it’s going to create a major shift.
“I think that will be the ultimate objective of whatever mix of policies he comes up with, and it’s pretty clear where he’s going to go,” said Marick Masters, a business professor at Wayne State University. “He’s going to focus on energy, natural gas, and he’s going to focus on reduced regulation, particularly in the area of auto emissions as affects the auto industry.”
Masters believes Trump’s reposition of power will change the landscape of electric vehicles in the near future.
“He will also slow spending on things such as the transition to EVs, the subsidies that government has provided to companies, not only in the auto industry, but across a variety of other so-called ‘green energy’ industries that will reduce the pressure on the budget, which has been an inflationary contributor,” Masters said.
Yet, with Elon Musk, the CEO of Tesla, becoming closer to Trump, many are wondering if that relationship will have any impact on future policies.
“I think that’s an important question, and I think that Musk will have the president’s ear when it comes to establishing policies that will promote the production of EVs in the United States,” Masters said. “I think he will listen carefully to that.”
Local 4 is still reaching out to the Big 3 automakers for their reaction to the results of the presidential election.
Victor Williams will have this full story on Wednesday during Local 4 News at 5 p.m.