The automaker also faces headwinds from the Trump administration’s policies as the White House opposes the sort of EV tax credits and subsidies that were offered by the Biden administration and helped make EVs more affordable for consumers. Musk has dismissed the impact of lost subsidies on Tesla, saying the change will hurt rivals more.
In terms of the market’s broader economic concerns, Trump on Sunday declined to explicitly rule out a full-blown recession for the U.S. economy, telling Maria Bartiromo in a “Sunday Morning Futures” exclusive interview that the country will see a “period of transition” as his policies take effect.
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“I hate to predict things like that,” Trump said of a recession. “There is a period of transition because what we’re doing is very big. We’re bringing wealth back to America. That’s a big thing … it takes a little time, but I think it should be great for us.”
FOX Business’ Matt Kazin and Reuters contributed to this report.