According to the Financial Times local time, industry insiders and experts have warned that the Trump administration's support for fuel vehicles has caused a drastic decline in electric vehicle investment, which could put the United States further behind China in the global electric car race.

Reported that since returning to the White House in January this year, Trump has canceled tax incentives for consumers to purchase electric vehicles and proposed abolishing greenhouse gas emission regulations, which deviates from the support policy for the industry during the Biden administration.

In the three months to September, investment related to electric vehicles in the United States (covering batteries, vehicle assembly and charging equipment, etc.) fell by nearly one-third year-on-year to $8.1 billion, according to data from "American Clean Investment Monitor", a database jointly created by Rhodium Group, an American business consulting agency, and MIT. About $7 billion of planned electric vehicle investment plans were cancelled between April and September this year, data shows.

According to the report, industry insiders and experts have warned that the retreat in U.S. support for electric vehicles may redefine the industry landscape in the next few years, which will not only enhance China's position in the electric vehicle race, but also make the EU suspicious of its plan to ban the sale of fuel vehicles starting in 2035.

Volvo¡¯s Chief Executive Officer, Hankan Samuelson, said: ¡°We need to... accelerate the pace of development in order to compete with China (businesses).¡± Speaking of the White House policy shift, Samuelson said, ¡°As soon as these policy signals are weakened, everything will slow down.¡±

Reported that the change in the U.S. investment policy on electric vehicles has led to a downward revision of U.S. electric vehicle sales forecasts.

According to data from American consulting firm AlixPartners, even by 2030, pure electric vehicles will account for only 18% of sales in the United States, lower than the previous forecast of 25%, compared with 40% and 51% in Europe and China respectively.

Mark Wakefield, head of global automotive marketing at Arirex, believes that the United States 'renewed focus on fuel vehicles is good news for the automotive industry in the short term, as it will bring billions of dollars in benefits. But in the long run, China companies will promote the development of electric vehicles, giving them advantages in pricing, battery technology and software."Once these (traditional) automakers slow down, they risk falling behind them (China automakers)."

Earlier, according to the U.S. Consumer News and Business Channel website, a report released by Honor Consulting on August 18 showed that last year, overseas investments in China's electric vehicle supply chain exceeded domestic investments, this is the first time since a record in 2014.