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Tesla’s Musk Says Biden’s EV Bill Won’t Pass

FILE PHOTO: Tesla Inc CEO Elon Musk walks beside a screen showing a picture of a Tesla Model 3 vehicle during the opening ceremony of the China-made Model Y program in Shanghai
FILE PHOTO: Tesla Inc CEO Elon Musk walks next to a screen showing a picture of a Tesla Model 3 vehicle during the opening ceremony of the Model Y program made by Tesla China in Shanghai, China May 7 1 2020. REUTERS / Aly Song / File Photo

December 7, 2021

SAN FRANCISCO (Reuters) – Tesla Inc CEO Elon Musk on Monday said the US Congress should not pass a Biden administration bill to increase subsidies for electric vehicles (EVs), saying the proposal will aggravate the budget deficit of the country.

The billionaire businessman is escalating criticism of the administration and Democrats for his proposal to give all-electric vehicles made in the United States an additional $4,500 tax incentive. Tesla and foreign automakers do not have unions at their factories in the US.

“Honestly, it would have been better if the bill hadn’t been passed,” Musk said at the WSJ Board of Directors Summit.

“Literally I’m saying get rid of all the subsidies,” he said, adding that the government should I think just try to get out of the way and not stand in the way of progress. ”

He also reiterated his opposition to the Democratic Party’s proposal to tax billionaires. “It makes no sense to take the job of allocating capital from people who have demonstrated great skill… and give it to, you know, an entity that has demonstrated very poor capital allocation skills, that is. is the government.”

Musk also said his brain chip startup Neuralink hopes to begin human trials next year pending approval from the US Food and Drug Administration. “I think Neuralink has a chance that we can restore full-body function to someone with a spinal cord injury.”

(Reporting by Hyunjoo Jin; Editing by Sandra Maler)

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Bobby Allyn

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