Latest news with #Teslas
Time of India
7 hours ago
- Business
- Time of India
Memo to Musk
You got plenty to worry about Musk has left the DOGE building. It's hard to say who's happier – Musk himself, or his baiters – but odds are, Vivek Ramaswamy marked the day with a platter of cheese enchiladas. Like taxes and death, Musk's exit was a given. US law allowed him a maximum of 130 days, and he left with one remaining. As an EV maker, he knows the importance of reserve charge. And range anxiety is a terrible thing. You aim to drive $2tn out of the federal budget but stall at $160bn. That's 8% mission accomplished. Poor, but better than a hat-trick of SpaceX's Starship failures in five months. So, Musk should pull over and take stock. On the net worth front, allying with Trump has been good for him. Yes, some Teslas were burnt, and Tesla stock nosedived, but it's much higher than at this time last year, and Musk is about $175bn richer than he was at the same time. And while he's leaving after describing Trump's Big Beautiful Bill as disappointing, Trump's not nursing a grudge – 'He will, always, be with us…Elon is terrific.' That means, govt contracts for SpaceX won't dry up, and Lil X can pick his nose in the Oval Office. What Musk should worry about is BYD's fast-charging tech, Tesla's falling sales, bursting Starships, and Neuralink's competition. Nobody will remember Musk as Trump's beancounter, but as 'Rocket Man' – who once went shopping for Russian ICBMs to launch satellites – he has better odds. Facebook Twitter Linkedin Email This piece appeared as an editorial opinion in the print edition of The Times of India.
Time of India
7 hours ago
- Automotive
- Time of India
Hey Elon, time to check the dashboard!
Elon Musk just finished a short job helping Donald Trump with a big money plan for the US government. He was only allowed to stay for 130 days, and he left with just one day to spare — pretty much like leaving a road trip before your battery runs out! He didn't really finish the job (he only got 8% of it done), but hey, that's still better than his last few rockets blowing up! Now that he's done, Elon should take a break and look at where things stand. Sure, some people got mad and even set Teslas on fire, and Tesla's stock dropped for a bit. But guess what? Elon is still way richer than he was last year — around $175 billion richer! Even though he said Trump's big government budget plan was kinda 'meh,' Trump still likes him and called him 'terrific.' That means Elon's other companies, like SpaceX, might still get cool space jobs from the government. So Lil X (that's Elon's son's nickname) could maybe hang out in the White House without a problem! But Elon still has big stuff to worry about: Tesla sales are slipping , and a Chinese company called BYD is making faster-charging electric cars. Starships keep blowing up , and rockets aren't cheap! Neuralink , his brain chip company, has new rivals chasing the same dream. In the end, no one will remember him as 'Trump's money guy.' They'll remember him as Rocket Man — the guy who once tried to buy Russian missiles to launch his own satellites! So yeah, Elon. Plug in, recharge, and focus — the road ahead is wild! Facebook Twitter Linkedin Email Disclaimer Views expressed above are the author's own.
Yahoo
9 hours ago
- Automotive
- Yahoo
EV tax credit elimination: What it could mean for Tesla and the US auto industry if it ends
The reconciliation bill working its way through Congress would eliminate the electric vehicle tax credit created under the Inflation Reduction Act. The removal of the credit, created to incentivize U.S. consumers to purchase electrified vehicles, would likely lead to a drop in EV sales and production. However, Tesla sales would likely remain largely unaffected, one expert predicts. "Getting rid of this $7,500 tax credit should not impact [Tesla] sales," automotive expert Lauren Fix told FOX Business. "People buy Teslas because they like the product… They know what their customers want, and those that like Teslas will continue to purchase that product." The One Big Beautiful Bill Act was approved by the House on May 22 in a 215-214 vote. If the measure passes the Senate and is signed into law by President Donald Trump, the $7,500 new-vehicle tax credit and $4,000 used-vehicle tax credit incentives on EVs would be killed, along with subsidies for battery manufacturing, the text of the bill says. The EV tax credit, which started during the Obama administration, is set to expire on Dec. 31, 2032. The new provision "accelerates the expiration to December 31, 2025." Trump Team Reportedly Looking To Kill Biden's $7,500 Ev Tax Credit Ending the clean vehicle tax credit would result in a sharp decrease in EV sales in the U.S., Fix said. "Once that tax credit goes away, I'm expecting [electric vehicles] to be about 2% of sales," Fix said, noting that EVs currently account for around 8% of total car sales in the U.S. "There will still be electric vehicle sales, Tesla will still survive and [Elon Musk] will do well. And other brands will make what consumers want." Read On The Fox Business App Federal Ev Tax Credit Slashed In Half For Some Tesla Model 3S In 2024 Tesla, the leading EV manufacturer in the U.S., has focused more on selling carbon credits to other automakers than it has on consumer tax incentives. The company, which has moved the bulk of its production to Texas, has also become "more efficient and effective" in its manufacturing, according to Fix. "What Tesla has done, and they don't really care about the $7,500 tax credit, is they were selling carbon credits to all the other car manufacturers," Fix said. "That's where they've made their profits." Trump Wants To Roll Back Biden's Ev Push: Here Is How It Would Affect Consumers Meanwhile, other leading EV automakers like Hyundai and Ford may decide to reduce production of electrified vehicles if the One Big Beautiful Bill Act is signed into law, she said. "You're going to see their production quantities drop dramatically," Fix said. "The only reason the manufacturers are building electric vehicles to begin with is because they were mandated to do so." Trump in January issued an executive order to "eliminate the electric vehicle mandate and promote true consumer choice." Click Here To Get Fox Business On The Go Tesla, Hyundai and Ford Motor Company did not immediately respond to FOX Business' request for article source: EV tax credit elimination: What it could mean for Tesla and the US auto industry if it ends Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
11 hours ago
- Automotive
- Yahoo
Tesla registrations down 90 per cent in Quebec in 1st quarter of 2025
Quebec EV buyers' relationship with Tesla is showing signs of souring as sales in the province plummeted in the first quarter of 2025. Only 524 Teslas were registered in Quebec between Jan. 1 and March 31, according to Quebec's auto insurance board, the Société de l'assurance automobile du Québec. That's a 90 per cent drop from the previous quarter when 5,097 of the electric automaker's cars were registered in the province, as first reported by Le Devoir. The data, also obtained by CBC News, shows that Tesla registrations in Quebec — Canada's largest EV market, including for Tesla — rose 30 per cent from 2023 to 2024 before nosediving in early 2025. And though CEO Elon Musk and his involvement in the Trump administration has "absolutely" had an impact on sales, says Daniel Breton, president of Electric Mobility Canada, the reasons go beyond a general dislike of the EV company's founder, with tariffs and rebate cutbacks likely contributing to the decline. The federal EV rebate program Incentives for Zero-Emission Vehicles (iZEV) ended March 31, and Quebec's program was paused between Feb. 1 and April 1. Quebec-based EV buyers used to be able to stack the rebates, benefitting from as much as $12,000 off the cost of a new vehicle. "Some dealers told me that … basically the message was, well, wait until April," said Breton, whose group is focused on advocacy for electric transportation. "Because the [provincial] rebate was about to come back." Breton believes more fulsome data for the same time period will show that Tesla isn't the only EV maker to take a hit in Quebec's market. According to preliminary S&P Global data, electric vehicle registrations in Quebec declined 65 per cent. Also hurting sales could be the 25 per cent tariff on U.S.-made EVs, including Tesla, Rivian and Lucid cars, imposed by the federal government in response to U.S. President Donald Trump's levies. "Now that the [Quebec] rebate is back, we'll see what happens with the sales of EVs in general and Tesla in particular," said Breton, who has owned a Model 3 Tesla for four years. "I'm really disappointed in what Elon Musk has been doing for the past year or two. So I hope that they find a way to resolve this," he said. "To me, Elon Musk is really hurting the brand." The combined effect of Musk's politics and tariffs have been felt outside of Quebec, with Tesla sales dropping 49 per cent year-over-year, according to the European Automobile Manufacturers' Association. WATCH | Tesla and Canadian politics: In addition to working for the Trump administration, which has repeatedly threatened Canadian sovereignty and imposed damaging tariffs that have upended financial markets, Musk has made dismissive comments about Canada, including saying on X — the social media platform he owns — that it is "not a real country." He has also faced significant criticism for amplifying and endorsing racist and antisemitic conspiracy theories on X and made a gesture at Trump's inauguration many interpreted as a Nazi salute. And Tesla is also under investigation in Canada after the company claimed to have sold 8,653 vehicles in the last three days of the federal rebate program, which would have amounted to $43 million in rebate claims. That questionable number raised suspicions, leading to the probe by the federal government. Despite some of the current concerns, Anne Picard, a Tesla Model Y owner from Dorval, Que., has owned two Teslas for eight years — and says she wouldn't buy anything else. "I don't have enough trust in [other companies] to give the same level of reliability," she said. She said anyone who can should buy an electric vehicle and believes EV consumers should separate their political convictions from their consumer decisions. "The electric vehicle wouldn't be what it is today if it weren't for Elon Musk," said Picard, who works in IT project management, after parking her Tesla at Montreal's Jean Talon Market. Philippe Bergeron Bélanger, who was charging his electric Audi Q4 in Montreal's Plateau neighbourhood Thursday, said he, too, tries to "leave politics out of my choices," but he won't be replacing his car with a Tesla when its lease is up in a year and a half. Chinese EVs once provided an affordable alternative, Bergeron Bélanger noted, but not since Canada slapped more than 100 per cent tariffs on those cars. "I don't feel like having an awkward debate at family dinners or with friends. Otherwise, [Tesla] probably would have been in my top three," said Bergeron Bélanger, who is a managing partner at an investment firm and says he doesn't agree with Musk's actions but is making the choice more based on how polarizing owning the car itself has become. Picard, on the other hand, believes that will blow over soon — if it hasn't already. "C'est un feu de paille," she said, using a French expression that translates to "straw fire" and is the equivalent of "a flash in the pan." Breton says there's no way to know right now whether the Musk backlash will have lasting effects, saying the next quarter will start to paint a fuller picture.
Yahoo
11 hours ago
- Business
- Yahoo
Musk Blasts Trump Mega Bill for Reversing Biden Clean Energy Tax Credit
Elon Musk has hit out at Donald Trump's mega-spending bill for gutting clean energy tax credits, once again breaking ranks with MAGA Republicans as he ends his term as DOGE slasher-in-chief. Ahead of a press conference with the president to mark his departure on Friday, Musk and his Tesla electric vehicle company blasted the plan and warned it could undermine Trump's 'drill baby drill' American energy revival. 'Abruptly ending the energy tax credits would threaten America's energy independence and the reliability of our grid,' Tesla posted on X, which Musk then amplified to his millions of followers. Soon after, Musk promoted a post from another user that said, 'slashing solar energy credits is unjust.' 'There is no change to tax incentives for oil & gas, just EV/solar,' Musk added, once again highlighting the fact that clean energy was being gutted while subsidies for other sectors remained. The posts came after Musk expressed his 'disappointment' with the Trump-backed reconciliation bill earlier this week, saying that it undermined the savings DOGE had sought to make. 'I think a bill can be big or it can be beautiful,' he said. 'But I don't know if it can be both.' This prompted the White House, which has repeatedly claimed the bill would not add to the deficit, to hit back at the former First Buddy. 'DOGE cuts are to discretionary spending,' Trump top aide Steve Miller clapped back on social media. 'Under senate budget rules, you cannot cut discretionary spending (only mandatory) in a reconciliation bill.' The clean energy tax credits formed part of the Inflation Reduction Act, which is set to be repealed through the reconciliation package passed by the House. Among other things, the bill would eliminate most credits for electric vehicles at the end of the year, disqualifying Teslas from a $7,500 incentive at a time when the company's sales have plummeted over Musk's slashing of the federal workforce. It would also end residential solar credit at the end of the year and rapidly wind down the clean electricity investment credit for all forms of generation except nuclear. Musk's latest comments could make the SpaceX boss an unlikely ally for Democrats in the fight to save the Biden-era reforms. Some have even suggested that the billionaire, who once supported the campaigns of Barack Obama, Hillary Clinton, and Joe Biden, should consider returning to the fold. 'I'm campaigning for you, Elon,' joked The Five's resident Democrat Jessica Tarlov earlier this week. 'We only talked for a little while when you were on the show, but we'll take you back and we could DOGE this the right way together.' Musk will officially leave the Trump administration after a tumultuous few months in which he upended the federal bureaucracy but ultimately failed to deliver the generational savings he claimed DOGE would achieve. But while Musk's term at DOGE has come to an end, thanks to the 130-day limit for his 'special government employee' designation, Trump has suggested he may be back soon. 'I am having a Press Conference tomorrow at 1:30 P.M. EST, with Elon Musk, at the Oval Office,' Trump posted on Thursday. 'This will be his last day, but not really, because he will, always, be with us, helping all the way. Elon is terrific!'
