Tesla CEO Elon Musk says he supports 'no tariffs' on Chinese EVs

Elon Musk, co-founder of Tesla and SpaceX and owner of X Holdings Corp., speaks at the Milken Institute Global Conference at the Beverly Hilton Hotel on May 6, 2024 in Beverly Hills, California.

Apu Gomes | Getty Images

Paris, France – Tesla CEO Elon Musk said Thursday that he does not support President Biden's recent announcement of a tariff on Chinese electric vehicles.

“Neither Tesla nor I asked for these tariffs,” Musk said during a question-and-answer session at the VivaTech conference in Paris on Wednesday. “I was actually surprised when they were announced.”

The Biden administration said last week it would impose a 100% tariff on imports of Chinese-made electric vehicles into the US, in an effort to prevent cheap Chinese electric vehicles from flooding the US market. The White House says Beijing's subsidies help companies overproduce cheap, clean energy products such as solar panels and electric vehicles that exceed domestic demand.

Tesla has struggled this year due to an aging electric vehicle fleet, weaker consumer demand for its vehicles and increased global competition, particularly in China. Sales fell by the most in the first quarter since 2012, and the stock price is down almost 30% through 2024.

“Tesla competes quite well in the market in China, with no tariffs and no respectful support,” Musk said Thursday. “I am in favor of no tariffs.”

It's a change of tune for Musk, who suggested earlier this year that Chinese EV companies will crush competitors elsewhere if there are no trade restrictions.

“Frankly, I think if trade barriers aren't put in place, they will pretty much destroy most other businesses in the world,” Musk said during the company's earnings call in January.

WATCH: Tesla is losing market share in Europe

Why Tesla is losing market share in Europe

Related Posts

Detroit automakers should leave China, says BofA analyst

Assembly line workers produce cars in Mazda's “Family” line of vehicles at China First Automobile Works (FAW) Group Haima Automobile Co., Ltd., April 6, 2005 in Haikou, Hainan province, China.…

Uber, Khosla and Nvidia invest in autonomous truck startup Waabi

Raquel Urtasun, Founder and CEO of Waabi. Thanks to: Waabi Autonomous trucking startup Waabi announced Tuesday that it has raised $200 million in an oversubscribed Series B funding round led…

Leave a Reply

Your email address will not be published. Required fields are marked *

You Missed

10 ways BPD services can effectively manage symptoms and improve quality of life

  • June 19, 2024
10 ways BPD services can effectively manage symptoms and improve quality of life

How grounding came into existence and its modern applications

  • June 19, 2024
How grounding came into existence and its modern applications

As 'zombie deer disease' spreads, scientists search for answers

  • June 19, 2024
As 'zombie deer disease' spreads, scientists search for answers

Here are Wall Street's favorite picks in the S&P 500 for the second half of the year

  • June 19, 2024
Here are Wall Street's favorite picks in the S&P 500 for the second half of the year

Here is the complete list of hurricane names for the 2024 season

  • June 19, 2024
Here is the complete list of hurricane names for the 2024 season

How to protect yourself from a passive-aggressive partner

  • June 19, 2024
How to protect yourself from a passive-aggressive partner

Large wildfires create weather that promotes more fire

  • June 19, 2024
Large wildfires create weather that promotes more fire

Britain is investigating HPE's planned $14 billion takeover of Juniper Networks

  • June 19, 2024
Britain is investigating HPE's planned $14 billion takeover of Juniper Networks

Nvidia overnight rally lifts chip-related stocks in Asia on AI optimism

  • June 19, 2024
Nvidia overnight rally lifts chip-related stocks in Asia on AI optimism

Six scary predictions that early science fiction authors got completely wrong

  • June 19, 2024
Six scary predictions that early science fiction authors got completely wrong

Navigating the home buying process: tips for first-time buyers

  • June 19, 2024
Navigating the home buying process: tips for first-time buyers