Department of Government Efficiency Reviews EV Loans

Vivek Ramaswamy, appointed to lead the Department of Government Efficiency (DOGE) under the upcoming Trump administration, has announced plans to scrutinize significant federal loans awarded to electric vehicle manufacturers Rivian and Stellantis, both of which compete with Tesla. He criticized a $6.6 billion loan to Rivian for an EV plant in Georgia and a $7.5 billion loan for Stellantis' battery factories in Indiana, labeling these loans as 'illegitimate' and indicating they would be investigated starting January 20. Ramaswamy's comments have raised concerns about potential conflicts of interest, particularly regarding Tesla CEO Elon Musk's influence over government spending and policies that could affect his business rivals. The loans are part of the Biden administration's efforts to bolster the EV market, with promises of job creation in the sectors. Critics worry that Ramaswamy and Musk's leadership in DOGE may lead to unfair advantages for Tesla while undermining competition. As both aim to reduce federal spending and workforce, the future of these loans hangs in the balance, reflecting the contentious intersection of government policy and corporate interests in the EV industry.