WASHINGTON: President Donald Trump stated on Thursday (Jul 24) he wouldn’t dismantle Elon Musk’s firms by stripping them of federal subsidies and insisted he needs the billionaire entrepreneur’s companies to succeed.
“Everyone seems to be stating that I’ll destroy Elon’s firms by taking away some, if not all, of the large-scale subsidies he receives from the US authorities. This isn’t so,” Trump stated in a social media submit. “I need Elon, and all companies inside our nation, to THRIVE.”
SUBSIDY CUTS LOOM
The assertion got here after Musk warned Tesla buyers on Wednesday that pending cuts to electrical car subsidies may result in a “few tough quarters” for the corporate. Underneath tax and funds laws signed by Trump, the US authorities will finish the US$7,500 tax credit score for brand spanking new EVs and the US$4,000 credit score for used ones on Sep 30.
Although Musk has publicly questioned the position of subsidies, Tesla has lengthy benefited from billions of {dollars} in federal help linked to wash transportation and renewable power.
