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Elon Musk and the Future of Tesla
In the world of electric vehicles, Tesla CEO Elon Musk is a key figure. However, the potential impact of a Trump Administration on the company that pays Musk billions is unclear—even to Musk himself.
During a call with financial analysts, Wells Fargo director Colin Langan asked Musk to explain the impact of a Trump win and the potential wipeout of a federal $7,500 tax credit for electric vehicles. Musk stated that such a scenario would hurt Tesla, but it would be “devastating” for their competitors.
Moreover, Musk noted that due to Trump’s promised heavy tariffs on vehicles produced in Mexico, Tesla may reconsider investing in a factory it had planned to open in Monterrey in 2026.
Implications for the Electric Vehicle Market
Dan Ives, Wedbush Securities tech analyst, expressed his concerns on CNBC that a Trump presidency could be negative for the overall EV market. He noted that Trump could eliminate the Inflation Reduction Act and with it the tax credits for EVs and certain plug-in hybrids. However, he also acknowledged that Trump might be better for the regulatory agenda needed to promote self-driving and autonomy, which is a crucial component of Tesla’s growth strategy.
Regulatory Risks and the Future of Autonomy
Musk dismissed the notion that regulators might balk at a fleet of Tesla-made, self-driving robotaxis without steering wheels and pedals. He argued that GM had to pause production of its Origin vehicle, which lacks traditional manual controls, due to its technology “not being up to par” rather than because of regulation.
However, Jim Cain, an executive director at GM, contested Musk’s comments. He defended that Cruise technology improves every day and that they have driven more than 5 million fully autonomous miles, compared to Tesla’s zero.
Tesla’s Growth and Future Prospects
Despite Musk’s unshakeable faith in Tesla’s power to “solve autonomy,” the company reported financial results showing net profits dropped 45%, marking its second quarter of sluggish growth and fourth straight quarter of falling quarterly earnings. Meanwhile, Trump has pledged to end what he referred to as the “green new scam,” promising to abolish “the electric-vehicle mandate on day one.”
According to Ives, if autonomy is the strategic future of Tesla, it might be more beneficial for Tesla to have less regulation, which is likelier under a Trump presidency versus a Harris presidency.
The future of Tesla, and the electric vehicle industry as a whole, remains uncertain and ever-evolving. Stay tuned with Jane Sheppard for more updates and insights into the fascinating world of local news and beyond.
