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Chip Motors to build electric “Chip” amid Trump tiny-car push

8/4/2026

27 4 Full Breakdown

Summary

Story summary

Chip Motors will build an electric low-speed vehicle called the Chip.
President Donald Trump said he will allow U.S. car companies to produce tiny cars.
Waev CEO Keith Simon told CNBC that low-speed vehicle popularity is growing sharply.
McKinsey estimates the global micromobility market was $160 billion in 2022 and will reach $340 billion by 2030, with North America rising from $20 billion to $35 billion.

History

Historical Context

The 2008 Energy Improvement and Extension Act introduced a federal tax credit of up to $7,500 for new plug-in vehicles, reinforced by the 2009 American Recovery and Reinvestment Act. Those incentives helped lift U.S. plug-in sales to 1.4 million units in 2023, a 9.1 % market share. Today, Chip Motors’ low-speed electric Chip and President Trump’s pledge to ease tiny-car rules echo that federal push.

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Story summary

Chip Motors will build an electric low-speed vehicle called the Chip.
President Donald Trump said he will allow U.S. car companies to produce tiny cars.
Waev CEO Keith Simon told CNBC that low-speed vehicle popularity is growing sharply.
McKinsey estimates the global micromobility market was $160 billion in 2022 and will reach $340 billion by 2030, with North America rising from $20 billion to $35 billion.

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