Tesla faces a financial crisis as Trump's budget bill could cost it billions by eliminating key tax credits for electric vehicles. CEO Elon Musk has reportedly only recently realized the impact of this political situation on the company's future. His involvement in political controversies, coupled with significant investments in AI and robotics that may not yield immediate returns, has further marred Tesla's reputation. A former executive has stated that Musk's late acknowledgment of this issue is detrimental to the company's prospects.
This is terrible policy and a devastating blow for Tesla's bottom line. It's not just [the EPA's CAFE standards] in a vacuum - it's everything together: tariffs, the $7,500 consumer credit, manufacturing tax credits, charging credits and solar residential credits... Elon has finally woken up to this, but talk about a day late and a dollar short.
The passage of President Donald Trump's 'Big Beautiful Bill' seems to have been the final straw for Musk, who vehemently opposed the bill, calling it 'an abomination' on the basis that it would balloon the national deficit.
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