Musk Opposes Biden Administration's Electric Vehicle Support Plan, Saying "Better Not to Pass"

[Image source=Reuters Yonhap News]

[Asia Economy Reporter Kim Hyung-min] Elon Musk, CEO of Tesla, has publicly opposed the Biden administration's electric vehicle support bill.

On the 6th (local time), according to U.S. media, Musk attended the 'CEO Council Meeting' hosted by The Wall Street Journal (WSJ) via video call and argued that the U.S. Congress should not approve the electric vehicle subsidy bill.

Musk said, "Honestly, it would be better if the bill does not pass," adding, "What I mean is to eliminate all subsidies." He also stated that the government's role should remain as a referee, not a player in the game.

The Biden administration has prepared a support plan in the social welfare budget bill called the 'Build Back Better Act' that provides an additional $4,500 (approximately 5.31 million KRW) tax credit for electric vehicles produced at unionized American factories.

This bill, which invests more than $2 trillion (approximately 2,380 trillion KRW) in education, healthcare, and climate change response, passed the House on the 19th of last month and is currently awaiting Senate review.

Tesla is excluded from the related benefits as it does not have a union at its U.S. factories.

Musk also opposed the plan to invest $7.5 billion (approximately 8.8 trillion KRW) to expand electric vehicle charging stations, calling it unnecessary. He said, "Do gas stations need support? They don't," and urged to "scrap it."

This content was produced with the assistance of AI translation services.