Tesla’s outspoken CEO Elon Musk,
It criticized the federal government’s efforts to encourage electric-vehicle adoption and rejected a bill signed by President Joe Biden that would increase incentives for consumers to buy EVs.
The auto maker’s CEO was referencing Biden’s roughly $2 trillion social spending and climate bill, which would introduce generous consumer tax credits for buying EVs manufactured by union workers with batteries made in the US.
Tesla (ticker: TSLA) factories are non-union, and the company’s cars qualify for a small credit under the bill, which has been passed by the House and before the Senate.
“It might be better not to pass the bill,” Musk said. “The federal budget deficit is insane.”
The CEO also pushed back against funding for electric-vehicle charging, pointing to improvements in airports and highways as a high priority for infrastructure – including the construction of tunnels.
“Do we need support for gas stations? We don’t. There’s no need for support for charging networks. Take it off,” Musk said. “I’m literally saying: ‘Get rid of all subsidies.’ “
This isn’t the first time Musk has been vocal against Biden’s signature bill; He called the president a “puppet” of the United Auto Workers union on Twitter in late October.
Tesla’s stock is up 3.9% in premarket trading on Tuesday.
Write to Jack Denton at [email protected]