Elon Musk, the CEO of Tesla, stated that he disagrees with President Biden's recent declaration of a tax on electric cars built in China.
During a Q&A session at the VivaTech conference here on Thursday, Musk responded to a question from CNBC's Karen Tso by saying, "Neither Tesla nor I asked for these tariffs." "To be honest, I was taken aback when they were revealed."
The Biden administration said last week that it will impose a 100% tax on imports of electric vehicles built in China in an effort to prevent the inexpensive Chinese EVs from overtaking American markets. The White House claims that firms are overproducing low-cost renewable energy items, including as electric vehicles and solar panels, to meet domestic demand thanks to Beijing's subsidies.
This year has been difficult for Tesla because of its ageing EV fleet, declining customer demand, and heightened competition from across the world, particularly in China. The first quarter had the worst decline in revenue since 2012, and in 2024 the stock price fell by about thirty percent.
Musk stated on Thursday that Tesla "competes quite well in the market in China with no tariffs and no deferential support." "I support the absence of tariffs."
Musk went on to say that he is also against tax breaks for electric vehicles.
The CEO of Tesla declared, "I support no tariffs and no incentives for oil and gas, or for electric vehicles."
Musk made the following statement on Thursday: earlier in the year, he hinted that if trade barriers are lifted, Chinese electric vehicle businesses will destroy their rivals outside.
During the company's January earnings call, Musk stated, "Frankly, I think, if there are not trade barriers established, they will pretty much demolish most other companies in the world."
Earlier, Musk's queue cut out and the audience had to wait for him to return online for many minutes when he was asked if he thought Biden's 100% tariffs would allow him to launch a cheaper automobile.
A few people fled the dome that housed the livestreamed Q&A session.
(Source:www.nasdaq.com)
During a Q&A session at the VivaTech conference here on Thursday, Musk responded to a question from CNBC's Karen Tso by saying, "Neither Tesla nor I asked for these tariffs." "To be honest, I was taken aback when they were revealed."
The Biden administration said last week that it will impose a 100% tax on imports of electric vehicles built in China in an effort to prevent the inexpensive Chinese EVs from overtaking American markets. The White House claims that firms are overproducing low-cost renewable energy items, including as electric vehicles and solar panels, to meet domestic demand thanks to Beijing's subsidies.
This year has been difficult for Tesla because of its ageing EV fleet, declining customer demand, and heightened competition from across the world, particularly in China. The first quarter had the worst decline in revenue since 2012, and in 2024 the stock price fell by about thirty percent.
Musk stated on Thursday that Tesla "competes quite well in the market in China with no tariffs and no deferential support." "I support the absence of tariffs."
Musk went on to say that he is also against tax breaks for electric vehicles.
The CEO of Tesla declared, "I support no tariffs and no incentives for oil and gas, or for electric vehicles."
Musk made the following statement on Thursday: earlier in the year, he hinted that if trade barriers are lifted, Chinese electric vehicle businesses will destroy their rivals outside.
During the company's January earnings call, Musk stated, "Frankly, I think, if there are not trade barriers established, they will pretty much demolish most other companies in the world."
Earlier, Musk's queue cut out and the audience had to wait for him to return online for many minutes when he was asked if he thought Biden's 100% tariffs would allow him to launch a cheaper automobile.
A few people fled the dome that housed the livestreamed Q&A session.
(Source:www.nasdaq.com)
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