Summary
- Elon Musk has publicly backed Trump but is also hoping to influence EV-related policy if Trump wins
- Trump’s anti-EV stance may be softening, potentially due to Musk’s recent endorsement
- Kamala Harris choosing pro-EV Pete Buttigieg as her VP could positively impact EV support and draw voters away from Trump
- Trump declared his intention to end the electric vehicle mandate on day one if re-elected, which could impact Tesla’s operations
- Harris announced a $100 million funding boost for small and medium-sized auto manufacturers in Detroit, potentially benefiting Tesla’s domestic operations.
Article
In a recent discussion, David Barrett, CEO of EBC Financial Group, discussed the potential implications of a Donald Trump or Harris presidency for Elon Musk and Tesla Inc. Barrett noted that Musk has publicly supported Trump, despite recent issues over sharing “deep fake” videos of Harris. Barrett suggested that Musk may be hoping to have some influence on EV-related policy if Trump wins the election, as left-leaning political parties are moving towards taxing the wealthy to finance agendas, which could pose challenges for Musk under a Harris government.
Barrett also addressed the potential impact of Kamala Harris possibly choosing pro-EV Pete Buttigieg as her VP. He mentioned that Trump’s anti-EV stance appears to be softening, potentially due to Musk’s recent endorsement. Buttigieg’s strong support for domestic EV manufacturing and charging stations, as well as his criticism of China’s dominance in the global EV market, could draw voters away from Trump and positively impact the continuation of EV support.
In July, Trump declared his intention to “end the electric vehicle mandate on day one” if re-elected, which could potentially impact Tesla’s operations. This statement was met with criticism from President Joe Biden, who questioned the existence of an “electric vehicle mandate” and criticized the former president for attacking unions. On the other hand, Harris and other officials announced a $100 million funding boost for small and medium-sized auto manufacturers in Detroit in May, aimed at bolstering the American auto industry, which could benefit Tesla’s domestic operations.
Overall, the choice between a Trump or Harris presidency could have significant implications for Tesla and Elon Musk. While Musk may be hoping to influence EV-related policy under Trump, the softening of Trump’s anti-EV stance and Buttigieg’s pro-EV position could positively impact the continuation of EV support. Harris’s funding boost for domestic auto manufacturers could also benefit Tesla’s operations. The outcome of the election and the policies enacted by the future administration will ultimately determine the impact on Tesla and the EV industry as a whole.
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