Connect with us

Hi, what are you looking for?

Economy

Tesla CEO Elon Musk says he favors ‘no tariffs’ on Chinese EVs

Tesla CEO Elon Musk said that he doesn’t support President Biden’s recent announcement of a tariff on Chinese-made electric vehicles.

“Neither Tesla nor I asked for these tariffs,” Musk said in response to a question from CNBC’s Karen Tso during a question and answer session at the VivaTech conference here on Thursday. “In fact, I was surprised when they were announced.”

The Biden administration last week said it 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’s subsidies are helping companies overproduce cheap clean energy products like solar panels and EVs that outpace domestic demand.

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. Revenue slumped in the first quarter by the most since 2012, and the stock price is down almost 30% in 2024.

“Tesla competes quite well in the market in China with no tariffs and no deferential support,” Musk said on Thursday. “I’m in favor of no tariffs.”

Musk added that he doesn’t agree with tax incentives for EVs, either.

“I’m in favor of no tariffs and no incentives for electric vehicles, or for oil and gas,” the Tesla CEO said.

Musk’s remarks Thursday come after he suggested earlier this year that Chinese EV companies will crush competitors elsewhere in the absence of trade restrictions.

“Frankly, I think, if there are not trade barriers established, they will pretty much demolish most other companies in the world,” Musk said on the company’s earnings call in January.

Earlier, when asked for his views on whether Biden’s 100% tariffs would give him to the green light to bring a lower-priced car to market, Musk’s line cut out and the audience were left for several minutes waiting for him to come back online.

Some attendees left the dome where the Q&A session was being livestreamed.

This post appeared first on NBC NEWS

Enter Your Information Below To Receive Free Trading Ideas, Latest News And Articles.






    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Latest News

    Britain’s Prince and Princess of Wales have released a new photo of Prince Louis to mark his sixth birthday on Tuesday, the first image...

    Investing

    Overview Energy Fuels( TSX:EFR, NYSE:UUUU) has been the largest producer of uranium and vanadium in the United States and an emerging producer of rare...

    Editor's Pick

    There is no trial in recent history, or possibly all of American history, that can rival the one underway in Lower Manhattan. For the...

    Latest News

    President Joe Biden travels to Triangle, Virginia, Monday to mark Earth Day, where he’ll unveil $7 billion in grant funding for solar power under...

    Disclaimer: Dealwithbiz.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 Dealwithbiz.com