The quest for budget cuts could endanger the $7,500 federal electric vehicle tax credit, but it's still available.

Jed Dorsheimer, William Blair group head - energy and sustainability, joins 'Money Movers' to discuss Tesla's stock ripping on news that Elon Musk is committing to lead the company for the next 5 years.

In the U.S., electric car sales grew by about 10% year-on-year in 2024, reaching more than 1 in 10 cars sold, according to the report. Europe Union countries saw sales stagnate as subsidy programs and other supportive policies waned, though the market share of electric cars remained around 20%.

Lastly, there’s the commercial clean-vehicle credit—45W—which became law through the 2022 Inflation Reduction Act (IRA) and was designed to hand $7,500 per vehicle to businesses that buy EVs for their fleets. Through a wrinkle known as the “leasing loophole,” this sleepy-sounding policy has kicked off an epic EV-leasing boom .

Republicans in the U.S. House of Representatives on Monday proposed killing the electric vehicle tax credit and repealing fuel efficiency rules designed to prod automakers into building more zero-emission vehicles as part of a broad-based tax reform bill.