Erica Kollmann, Benzinga Staff Writer November 6, 2024 12:40 PM | 3 min read Read Next: China Escalates Trade Dispute, Lodges Complaint With WTO Over European EV Tariffs Trump has also said he plans to eliminate many vehicle emissions standards under the Environmental Protection Agency as well as many EV incentives included in the Biden administration's Inflation Reduction Act (IRA). Analysts Weigh In: Wedbush analysts, including Dan Ives, see trouble ahead for the EV industry. “We believe a Trump presidency would be an overall negative for the EV industry as likely the EV rebates/tax incentives get pulled, however for Tesla we see this as a potential positive with some caveats,” the Wedbush analysts wrote. The analysts pointed to Tesla, Inc.'s TSLA profitability, along with the company's size and scale, as advantages over its competitors who may struggle after losing rebates and tax incentives. Wedbush also sees Tesla benefiting from higher import fees on Chinese EVs under a Trump administration. “Higher China tariffs that would continue to push away cheaper EV players (BYD, Nio, etc.) from flooding the US market over the coming years,” Wedbush wrote. Tesla CEO Elon Musk, who campaigned heavily for the GOP leader, acknowledged that a Trump presidency would likely mean the end of EV subsidies and tax credits during Tesla's second-quarter earnings call. The impact would be slight for Tesla and devastating for its competitors, Musk said. "But long term probably actually helps Tesla, would be my guess, yes," Musk said. The Big 3: Legacy automakers, General Motors GM