"At the end of the day, the $7,500 incentive is catastrophically stupid," Moreno told CNBC D.C. "If you don't care what kind of car they drive, then let the markets work," Moreno said. Moreno pushed back against the argument that reversing Inflation Reduction Act incentives like the EV tax credit would effectively cede a key technology race to China. He said that if China is "dramatically ahead of us on EVs – good for them; we're dramatically ahead of them in terms of combustion and hybrids." "We're going to let the marketplace work," Moreno said.

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Persons: Bernie Moreno, Sherrod Brown, Trump, Moreno, Emily Wilkins, Michigan's Elissa Slotkin, Mike Rogers, Biden, Wilkins, There's, Aston Martin, Marin Gjaja, Mary Barra Organizations: Senate, CNBC, Summit, Washington , D.C, Republican, EV, Ford Motor, General Motors, Mercedes, Benz, Volkswagen, Jaguar, Rover, GM Locations: Ohio, Washington ,, China