Elon Musk reiterates call for all subsidies on all industries to be removed
Tesla CEO Elon Musk has reiterated his call to end all subsidies for all industries, including the electric vehicle segment. Musk believes that removing subsidies will actually benefit Tesla and calls for an end to subsidies in all industries. This is not the first time Musk has made this call, as he expressed similar views in December 2021.
Tesla CEO Elon Musk has reiterated his call to end all subsidies for all industries, including the electric vehicle segment. Musk shared his insights about the matter in a post on social media platform X.
Following US presidential candidate Donald Trump’s close call with an assassination attempt this past weekend, Elon Musk noted on X that he would be voting for the former president. Trump has confirmed that his running mate would be Senator JD Vance (R-OH), who stated last year that the $7,500 federal tax credit for EVs should be removed and given to American-made combustion-powered cars instead.
Vance’s comments from the previous year have been taken by Musk critics as an indication that the CEO is shooting himself in the foot once more. Several of Tesla’s electric vehicles like the reengineered Model 3 Performance and the Model Y Rear Wheel Drive (RWD), after all, currently benefit from the US federal tax credit. These tax credits make Teslas more attainable even to budget-conscious consumers.
— Elon Musk (@elonmusk) July 16, 2024Take away the subsidies. It will only help Tesla.
Also, remove subsidies from all industries!
It was then unsurprising that Musk’s support for the Trump-Vance ticket caught a wave of criticism on social media. Musk responded to these sentiments, stating that Tesla would actually benefit if all subsidies are halted. Musk noted, however, that he is specifically calling for all subsidies in all industries to be halted. He is not supporting Vance’s suggestion that EV subsidies should be stopped and given to US-made combustion-powered cars instead.
“Take away the subsidies. It will only help Tesla. Also, remove subsidies from all industries!” Musk wrote on X.
"We don’t need the $7,500 tax credit. (…)
— Maren Kahnert (@marenkahnert) July 16, 2024
I’m literally saying get rid of all subsidies.
But also for oil and gas." – Elon Musk in Dec. 2021 pic.twitter.com/EaNAOIWE2z
It may be surprising, but this is not the first time that Musk has called for the halt of all subsidies in all industries, including the electric vehicle segment. Back in December 2021, during an interview at The Wall Street Journal‘s CEO Council Summit, Musk stated that Tesla does not need EV subsidies. He also noted then that he is in favor of getting rid of all subsidies, from the EV sector to the oil and gas industry.
“It’s worth noting that for the vehicle purchase tax credit — the $7,500 — Tesla stopped getting that like two years ago, whereas everyone else, I think, except for GM, still gets the $7,500 tax credit. So all of our sales this year, and last year, had nothing to do with the tax credit because we’re no longer eligible because we’ve made so many electric cars… I’m literally saying get rid of all subsidies. But also for oil and gas,” Musk said.
Watch Elon Musk’s 2021 comments about EV subsidies in the video below.
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