With tax credits scrapped and new fees imposed, the electric vehicle industry braces for a slowdown. “Incredibly destructive,” says Elon Musk, while drivers call it a setback but not a deal-breaker.

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.

Republican Senator Mitch McConnell of Kentucky warned fellow Senators and Republicans that Thom Tillis, a North Carolina Republican Senator, not seeking re-election after serving out his term is a "big setback" for Washington. Newsweek reached out to Tillis' office via email Monday for comment.