Trump expressed support for Elon Musk and American businesses, emphasizing the importance of their success for the country. Tesla's recent financial results showed a revenue decline of 12% and profit drop of 16%. Musk's political actions have adversely affected buyer interest. The company now faces challenges due to potential loss of government subsidies, including a $7,500 EV tax credit, and increased costs due to tariffs. Musk criticized the latest budget bill for its potential to worsen U.S. debt.
I want Elon, and all businesses within our Country, to THRIVE," Trump wrote on Truth Social. "Everyone is stating that I will destroy Elon's companies by taking away some, if not all, of the large scale subsidies he receives from the U.S. Government. This is not so!"
Tesla said revenue fell 12% and profit dropped 16% in the April-June quarter. Many prospective buyers have been turned off by Musk's foray into right-wing politics.
After Trump's massive budget bill passed earlier this month, Tesla faces the loss of the $7,500 EV tax credit and stands to make much less money from selling regulatory credits to other automakers.
Musk has blasted the budget bill on his own social media platform X for adding to U.S. debt at a time when it is already too large.
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