CM – Elon Musk’s feud with the Biden government escalates

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Tesla

The battle with the Biden government escalated after CEO Elon Musk called President Joe Biden a “puppet” for the United Auto Workers in a Sunday tweet.

Musk responded to a tweet about tax credits for the purchase of electric vehicles proposed in the president’s infrastructure bill. The bill provides an additional $ 4,500 for electric vehicles assembled by unionized workers.

Purchase tax credits lower the cost of an electric vehicle by giving a buyer a tax deduction. At the moment, Tesla vehicles are no longer eligible for federal tax credits.

Tesla’s Fremont, Calif. facility is not unionized, so the proposal could offer electric cars from other automakers – including

Ford engine

(F) and

General Motors

(GM) – a price advantage depending on where the vehicles are installed.

Problems between Tesla and the Biden administration began when the President refused to invite Tesla, the largest US manufacturer of electric vehicles, to the White House when it announced its electric car targets in early August. Biden wants 50% of cars sold in the US to be all-electric by 2030. GM, Ford and the UAW attended the ceremony.

Musk called the decision strange in a tweet. He tweeted in late September that Biden « was still asleep » after President SpaceX and its civilian astronaut mission, which raised funds for St. Jude’s Children’s Research Hospital, failed to call to congratulate.

Thereafter, back in September, at the Code technology conference in California, Musk suggested that the Biden government was biased against Tesla, adding that the government « appears to be controlled by unions. »

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Musk also has a problem with a Biden appointment with the National Highway Transport Safety Administration. Missy Cummings, a professor at Duke University who will be NHTSA’s safety advisor, has questioned Tesla’s autonomous driving software several times in the recent past. She fears that Tesla’s self-driving functions could be abused by drivers. Musk called Cummings « extremely biased » in a tweet.

Tesla and Cummings did not respond to requests for comment at the time of Musk’s Twitter comment.

All of this matters to investors only if it affects Tesla’s bottom line. The $ 4,500 tax credit could play a role, although the bill is not yet final. And the NHTSA has not yet made any recommendations on how Tesla will implement and test its autonomous driving functions. All car manufacturers offer driver assistance functions that are intended to improve safety and comfort.

The dispute has not yet harmed Tesla shares. Tesla shares rose more than 40% in October, while the

S&P 500
increased by 7%. Strong shipments and profits, as well as a new fleet deal helped Tesla’s market capitalization rise to over $ 1 trillion for the first time in October.

Tesla’s battle with the Biden government escalated after CEO Elon Musk gave President Joe Biden in called a “puppet” for the United Auto Workers in a Sunday tweet.

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