Tesla CEO Elon Musk has voiced his opposition to the recent tariff imposed by President Biden on Chinese-made electric vehicles. Speaking at a conference in Paris, Musk stated that neither he nor Tesla had asked for these tariffs and expressed surprise at their announcement.
The Biden administration announced last week a 100% tariff on Chinese-made electric vehicle imports to the US. This move aims to prevent the US market from being flooded with cheap Chinese EVs, which the White House claims are being overproduced due to Beijing’s subsidies.
Musk’s stance on the issue is clear. He believes that Tesla can compete effectively in the Chinese market without tariffs or preferential support. He also stated that he is in favor of no tariffs and no incentives for electric vehicles, or for oil and gas.
This comes at a time when Tesla has been facing challenges due to an aging fleet of EVs, weaker consumer demand for its vehicles, and increased global competition, most notably in China. The company’s revenue slumped in the first quarter by the most since 2012, and the stock price is down almost 30% in 2024.
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