Tesla Rivals Report May Sales As BYD Launches China EV Price War
Tesla rivals Xiaomi and Li Auto reported May sales Sunday with more to come with giant BYD launching a new China EV price war.
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Wall Street Journal
20 minutes ago
- Wall Street Journal
Whose Pork Do You Mean, Elon?
Elon Musk's work at the Department of Government Efficiency made him persona non grata in the Beltway, and most criticism was nasty and unfair. That's what Washington does to outsiders who want to shrink its power. But that makes it all the more unfortunate that Mr. Musk is now joining the Beltway crowd in trying to kill the House tax bill. 'This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination,' the Tesla CEO tweeted Tuesday, as the Senate begins considering its version of budget reconciliation. 'Shame on those who voted for it: you know you did wrong. You know it.'
Yahoo
32 minutes ago
- Yahoo
Musk calls Trump's big tax break bill a 'disgusting abomination,' testing his influence over the GOP
WASHINGTON (AP) — Elon Musk blasted President Donald Trump's'big, beautiful bill" of tax breaks and spending cuts as a 'disgusting abomination" on Tuesday, testing the limits of his political influence as he targeted the centerpiece of Republicans' legislative agenda. The broadside, which Musk issued on his social media platform X, came just days after the president gave him a celebratory Oval Office farewell that marked the end of his work for the administration, where he spearheaded the Department of Government Efficiency. 'I'm sorry, but I just can't stand it anymore,' Musk posted on X. "This massive, outrageous, pork-filled Congressional spending bill is a disgusting abomination. Shame on those who voted for it: you know you did wrong. You know it.' The legislation, which has passed the House and is currently under debate in the Senate, would curtail subsidies that benefit Tesla, Musk's electric automaker. The tech billionaire followed his criticism with a threat aimed at Republicans. 'In November next year, we fire all politicians who betrayed the American people,' he wrote in another X post. It's a sharp shift for Musk, the world's richest person who spent at least $250 million supporting Trump's campaign last year. He previously pledged to help defeat Republican lawmakers deemed insufficiently loyal to Trump, but now he's suggesting voting them out if they advance the president's legislative priority. However, it's unclear how Musk will follow through on his criticism. He recently said that he would spend 'a lot less' on political campaigns, though he left the door open to political involvement "if I see a reason." The tech titan's missives could cause headaches for Republicans on Capitol Hill, who face conflicting demands from Trump and their party's wealthiest benefactor. Alex Conant, a Republican strategist, said 'it's not helpful' to have Musk criticizing the legislation, but he doesn't expect lawmakers to side with Musk over Trump. 'Senate Republicans are not going to let the tax cuts expire,' Conant said. 'It just makes leadership's job that much harder to wrangle the holdouts.' Trump can change the outcome in Republican primaries with his endorsements; Musk doesn't wield that level of influence, Conant said. 'No matter what Elon Musk or anybody else says — and I don't want to diminish him because I don't think that's fair — it's still going to be second fiddle to President Trump,' said Republican West Virginia Sen. Shelley Moore Capito. Musk's business interests stand to take a hit if lawmakers approve Trump's bill, which would slash funding for electric vehicles and related technologies. Musk is the chief executive of Tesla, the nation's largest electric vehicle manufacturer, and SpaceX, which has massive defense contracts. Last month, Musk said he was 'disappointed' by the spending bill, a much milder criticism than the broadside he leveled on Tuesday. The budget package seeks to extend tax cuts approved in 2017, during Trump's first term at the White House, and add new ones he campaigned on. It also includes a massive build-up of $350 billion for border security, deportations and national security. To defray some of the lost tax revenue to the government and limit piling onto the nation's $36 trillion debt load, Republicans want to reduce federal spending by imposing work requirements for some Americans who rely on government safety net services. Musk's post threw another hurdle in front of Senate Majority Leader John Thune's already complex task to pass a bill in time for Trump to achieve his goal of signing it by July 4. The South Dakota Republican has few votes to spare in the GOP's slim 53-seat majority. Two of the Senate's most fiscally hawkish Republicans quickly backed Musk. 'We can and must do better,' Kentucky Sen. Rand Paul wrote on X. Utah Sen. Mike Lee said 'federal spending has become excessive,' adding that it causes inflation and 'weaponizes government.' Still, Trump enjoys fierce loyalty among the GOP base, and in the end, his opinion may be the only one that matters. White House press secretary Karoline Leavitt played down Musk's criticism. 'The president already knows where Elon Musk stood on this bill,' Leavitt said, and Musk's post 'doesn't change the president's opinion.' The tension in the GOP delighted Democrats, who found themselves in the unlikely position of siding with Musk. Democrats are waging an all-out political assault on GOP proposals to cut Medicaid, food stamps and green energy investments to help pay for more than $4.5 trillion in tax cuts — with many lawmakers being hammered at boisterous town halls back home. 'We're in complete agreement,' House Minority Leader Hakeem Jeffries said of Musk. The New York Democratic lawmaker stood alongside a poster-sized printout of Musk's post during a Capitol news conference. The last time Musk weighed in significantly on legislation, the scenario was far different. His power was ascendant after the election, with Trump joining him for a rocket test in Texas and appointing him to spearhead the Department of Government Efficiency. During the transition period, Musk started whipping up opposition to legislation that would prevent a government shutdown, posting about it repeatedly on X, his social media platform. Trump soon weighed in, encouraging Republicans to back out of a bipartisan deal. Lawmakers eventually patched together a new agreement. ___ Cooper reported from Phoenix. Associated Press writers Joey Capelletti and Mary Claire Jalonick in Washington contributed reporting.
Yahoo
32 minutes ago
- Yahoo
Republican leaders seek to tamp down Elon Musk outrage over Trump tax bill
WASHINGTON — Top Republicans are brushing off criticism by multibillionaire Elon Musk, who decried President Donald Trump's massive tax package as 'outrageous' and 'pork-filled' — putting the bill's future in peril as GOP leaders push to finalize the legislation by the end of this month. Musk took several lawmakers by surprise when he came out against the 'Big Beautiful Bill Act' on Tuesday. The legislation seeks to advance Trump's policies on border, energy and national defense as well as extending certain tax cuts passed during his first term. But the package faces pushback from some Republican lawmakers who argue the package does not go far enough to cut government spending — a sentiment Musk appears to share. 'Shame on those who voted for it: you know you did wrong. You know it,' Musk wrote in a post on X. Republican leaders were quick to tamp down Musk's opposition, calling the Tesla CEO and close ally to Trump misinformed about the bill's contents. 'With all due respect, my friend Elon is terribly wrong about the one big, beautiful bill,' House Speaker Mike Johnson, R-La., told reporters on Tuesday. 'We have a difference of opinion,' Senate Majority Leader John Thune, R-S.D., separately told reporters. 'My hope is as he has an opportunity to further assess what the bill does, he'll come to a different conclusion.' Several lawmakers similarly brushed off Musk's comments, arguing it wouldn't do much to move the needle for those who already support the tax package. 'I think the people that are of the same view are encouraged, and I think others are sort of dismissive,' Sen. Kevin Cramer, R-N.D, said on Tuesday. 'I like Elon Musk, but he's one man.' 'Donald Trump is our president, not Elon Musk,' Sen. Jim Justice, said. 'I really respect Elon Musk, and I think he did a great job, and I'm very, very pleased with all the things that he uncovered. But with all that being said, I think we all should stand by our president.' Still, for those who oppose the current package, Musk's comments were welcomed with enthusiasm. A handful of Senate Republicans oppose the reconciliation package as it is currently written, including Utah Sen. Mike Lee, who says it does not go far enough to reduce the national deficit. Lee reposted Musk's comments on social media, urging his Senate colleagues to 'make this bill better.' 'Federal spending has become excessive. The resulting inflation harms Americans and weaponizes government,' Lee wrote in a post on X. 'The Senate can make this bill better. It must now do so.' 'I think the Senate should make the bill substantially better, and I hope and believe we'll do that,' Sen. Ted Cruz, R-Texas, told reporters. Meanwhile, Democrats are basking in the negative comments offered by Musk, with top party leaders amplifying the comments to attack the Republican-led package. 'I agree with Elon Musk!' Senate Minority Leader Chuck Schumer, D-N.Y., said with a smile on Tuesday. 'Breaking news: Elon Musk and I agree with each other,' House Minority Leader Hakeem Jeffries, D-N.Y., said at his weekly press conference. The Senate is set to vote on the reconciliation package in the coming weeks, with Republican leaders pushing to get the bill to Trump's desk before the Fourth of July.
