news
Summary
- Elon Musk has shown support for JD Vance, Trump’s VP pick, despite Vance proposing a bill that would harm Tesla’s sales
- Vance’s ‘Drive American Act’ would eliminate EV subsidies and replace them with incentives for gas-powered vehicles made in the US
- Musk’s endorsement of Vance’s VP pick caused Tesla’s stock to drop 2%
Key passages:
- Today, Trump announced that he picked JD Vance as his VP and Musk quickly congratulated him and gave his support to the decision
- Vance is behind the ‘Drive American Act‘, which not only would remove the incentives to buy battery-electric vehicles (BEV and PHEV), but it replace it with an equivalent $7,500 incentive to buy American-made fossil fuel-powered vehicles (ICE and HEV)
