The mutual support shown between former US president Donald Trump and Tesla Chief Executive Elon Musk continues to intensify. At a 19 August 2024 campaign event in York, Pennsylvania—a important swing state in the November election—Trump stated he would consider making Musk a cabinet member or advisor. At the same event, he also weighed the possibility of ending the US$7,500 subsidy available for new electric vehicle (EV) purchases.
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The provision for tax credits was signed into law in 2022 as part of the Inflation Reduction Act (IRA), which enabled those meeting income requirements to make a full claim on a pure EV purchase or a limited claim if buying a hybrid. "Tax credits and tax incentives are not generally a very good thing," Trump told Reuters in an interview. However, it should be noted that Tesla has historically benefited from this system.
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