In an interview with Barney & Company, Diana Ferchtgott Ross, an economist at the Heritage Foundation, argued that Biden’s tariffs on Chinese-made EVs don’t go far enough to protect the domestic auto industry.
Tesla CEO Elon Musk said Thursday he opposes government tax incentives for electric vehicle (EV) purchases and tariffs on Chinese-made EVs or any other products.
“I generally support zero tariffs, and I support zero tax incentives on EVs, but the tax incentives on oil and gas have to be eliminated,” Musk said during a remote appearance at the Viva Technology conference in Paris. “So I support zero tariffs and zero incentives on EVs and oil and gas, and I think if they’re all eliminated, that would be the best thing.”
Tesla CEO Elon Musk addresses attendees via video conference at the Viva Technology Show at the Porte de Versailles exhibition centre in Paris on May 23, 2024. (Chesnot/Getty Images/Getty Images)
“Generally, anything that impedes the freedom of exchange or distorts markets is a bad thing, not a good thing,” the billionaire explained.
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Musk told the audience he was “surprised” by the Biden administration’s announcement earlier this month of new tariffs – taxes on imports – on Chinese-made electric vehicles and other products, and said his company was already competitive without them.
Tesla CEO Elon Musk leaves a hotel in Beijing and gets into a Tesla car on May 31, 2023. (Reuters/Tingshu Wang/Reuters Photo)
“Neither Tesla nor I asked for these tariffs,” the CEO said, adding that “Tesla is highly competitive in the Chinese market without tariffs or discriminatory subsidies.”
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Musk warned earlier this year that without tariffs and other trade barriers, Chinese automakers would destroy global competitors.
Musk told investors on a post-earnings call in January that Chinese automakers are “the most competitive” and “depending on what tariffs and trade barriers are put in place, they’re going to be very successful outside of China.”
On July 7, 2023, the Tesla logo was displayed at the World Artificial Intelligence Congress in Shanghai. (Photo by WANG ZHAO/AFP via Getty Images / Getty Images)
| Ticker | safety | last | change | change % |
|---|---|---|---|---|
| TSLA | Tesla Inc. | 173.74 | -6.37 | -3.54% |
“Most of the other car companies in the world would be pretty much wiped out if trade barriers weren’t put in place,” he said. “They’re very good.”
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His comments come as Berkshire Hathaway-backed Chinese electric vehicle maker BYD is building cheaper cars. Beyond Tesla It was the top company in terms of EV sales last quarter.
