Tesla's website currently displays a banner warning customers that the EV tax credit will come to an end in September.

The One Big, Beautiful Bill Act was passed by the Senate. If the House passes the bill during reconciliation, American car buyers could lose out on major EV incentive.

The timing was no coincidence. On July 3, Congress passed President Donald Trump’s signature legislation, the so-called “One Big Beautiful Bill,” a sweeping package that includes massive spending cuts, the end of clean energy subsidies, and controversial changes to social safety net programs. Trump signed the bill into law on July 4.

Rivian CEO RJ Scaringe told BI that the end of EV "tailwinds" could be good for the company and large OEMs aren't serious about electrification.

The Senate passed President Trump’s “Big Beautiful Bill” July 1, giving the president his most significant legislative victory in his second term.