Why Musk supports Trump getting rid of EV tax credits [Business Insider]
Tesla, Inc. (TSLA)
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Source: Business Insider
Tesla makes a vast majority of EVs sold in the US, but its lead has started to slip slightly. Elon Musk supports a Trump plan to end tax credits of up to $7,500 for electric vehicle purchases. That might sound confusing: Why would the CEO of Tesla want to end a program that makes it cheaper for people to buy EVs? Well, according to Musk, it would devastate Tesla's rivals. And Tesla wants to keep its strong lead in the US EV market, which recently slipped under 50% for the first time. "I think it would be devastating for our competitors and for Tesla slightly," Musk said in a July earnings call, predicting the impact of the tax credits ending. "But long term probably actually helps Tesla, would be my guess." On Thursday, Reuters reported that Trump plans to end the EV tax credit, with support from Tesla representatives. In a related post on X, Musk called for an "end all government subsidies, including those for EVs, oil and gas." Tesla has had a longer time than some of i
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