Tesla\u00a0CEO\u00a0Elon Musk\u00a0said that he doesn\u2019t support\u00a0President Biden\u2019s\u00a0recent announcement of a tariff on Chinese-made electric vehicles.<\/p>\n
\u201cNeither Tesla nor I asked for these tariffs,\u201d Musk said in response to a question from CNBC\u2019s Karen Tso during a question and answer session at the VivaTech conference here on Thursday. \u201cIn fact, I was surprised when they were announced.\u201d<\/p>\n
The Biden administration last week\u00a0said\u00a0it was placing a 100% tariff on Chinese-made electric vehicle imports to the U.S. in a bid to stop cheap Chinese EVs from flooding the U.S. market. The White House says Beijing\u2019s subsidies are helping companies overproduce cheap clean energy products like solar panels and EVs that outpace domestic demand.<\/p>\n
Tesla has been struggling this year due to an aging fleet of EVs, weaker consumer demand for its vehicles and increased global competition, most notably in China.\u00a0Revenue slumped\u00a0in the first quarter by the most since 2012, and the stock price is down almost 30% in 2024.<\/p>\n
\u201cTesla competes quite well in the market in China with no tariffs and no deferential support,\u201d Musk said on Thursday. \u201cI\u2019m in favor of no tariffs.\u201d<\/p>\n
Musk added that he doesn\u2019t agree with tax incentives for EVs, either.<\/p>\n
\u201cI\u2019m in favor of no tariffs and no incentives for electric vehicles, or for oil and gas,\u201d the Tesla CEO said.<\/p>\n
Musk\u2019s remarks Thursday come after he suggested earlier this year that Chinese EV companies will crush competitors elsewhere in the absence of trade restrictions.<\/p>\n
\u201cFrankly, I think, if there are not trade barriers established, they will pretty much demolish most other companies in the world,\u201d Musk said on the company\u2019s\u00a0earnings call\u00a0in January.<\/p>\n
Earlier, when asked for his views on whether Biden\u2019s 100% tariffs would give him to the green light to bring a lower-priced car to market, Musk\u2019s line cut out and the audience were left for several minutes waiting for him to come back online.<\/p>\n
Some attendees left the dome where the Q&A session was being livestreamed.<\/p>\n<\/p>\n
Tesla\u00a0CEO\u00a0Elon Musk\u00a0said that he doesn\u2019t support\u00a0President Biden\u2019s\u00a0recent announcement of a tariff on Chinese-made electric vehicles. \u201cNeither Tesla nor I asked for these tariffs,\u201d Musk said in response to a question from CNBC\u2019s Karen Tso during a question and answer session at the VivaTech conference here on Thursday. \u201cIn fact, I was surprised when they were […]<\/p>\n","protected":false},"author":0,"featured_media":4850,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-4849","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/4849","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=4849"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/4849\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/4850"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=4849"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=4849"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=4849"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}