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Home»Automotive»What Elon Musk and President-Elect Trump’s Alliance Could Mean for Tesla and the EV Industry : Automotive Addicts
Automotive

What Elon Musk and President-Elect Trump’s Alliance Could Mean for Tesla and the EV Industry : Automotive Addicts

Lloyd MurphyBy Lloyd MurphyNovember 6, 2024No Comments5 Mins Read
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What Elon Musk And President Elect Trump’s Alliance Could Mean For
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Within the wake of the 2024 U.S. presidential election, Elon Musk, CEO of Tesla and SpaceX, has found himself uniquely positioned to influence key national policies under President-elect Donald Trump’s administration. Following Trump’s victory over Vice President Kamala Harris, Tesla’s shares spiked 14%, signaling investor optimism in Musk’s potential sway over upcoming policy shifts. For Tesla and Musk’s other ventures, these ties to Trump promise significant financial and regulatory implications.

Tesla’s Market Surge

The post-election market response underscores the potential advantages Tesla stands to realize from Musk’s close association with Trump. In only sooner or later, Tesla’s stock gained 14%, adding an astonishing $110 billion to its market valuation. Investors are likely banking on Trump’s government stance to favor Musk’s interests, particularly in an industry currently navigating each supportive and restrictive policies.

Musk, a distinguished figure within the tech and defense sectors, contributed hundreds of thousands to Trump’s campaign, cementing a relationship that has made him one in all Trump’s most influential supporters. Trump has responded with plans to ascertain a government efficiency commission, naming Musk as a possible leader to oversee reductions in federal spending.

Deregulation, Efficiency, and EV Policies: A Double-Edged Sword for Tesla

As Trump eyes sweeping regulatory cuts, Musk’s leadership on a government efficiency commission could develop into a pivotal influence over the tech and EV industries. Along with his background in government contracting through SpaceX’s Starlink program, Musk has built rapport with U.S. defense agencies, which can help smooth regulatory hurdles. One major goal could involve accelerating approvals for Tesla’s Full Self-Driving (FSD) software, a feature that has faced repeated regulatory delays. With Musk in Trump’s corner, Tesla might see streamlined federal approvals for autonomous vehicle advancements — a key factor that might bolster Tesla’s competitive edge.

Nevertheless, Trump’s broader stance on environmental policies may prove complex for Tesla. The incoming administration is anticipated to roll back parts of the Inflation Reduction Act (IRA), particularly the provisions supporting green technology and renewable energy that were expanded under President Biden. Tesla, benefiting from EV and solar tax credits, could face reductions in incentives — though this will likely hurt Tesla’s competitors more severely. With its robust market presence, Tesla might adapt more easily to reduced subsidies than smaller players like Rivian and Lucid, whose shares have already plummeted 7.5% and 9.4%, respectively, in response to the election news.

Potential Tariffs and the Shield Against Chinese EV Competitors

Trump’s tough stance on China could play out well for Tesla. The President-elect has pledged to introduce tariffs on Chinese imports, including electric vehicles, which might hamper competition from major Chinese EV players like BYD. Such measures could give Tesla a bigger share of the U.S. market and greater pricing power as Chinese competitors struggle to take care of price parity. This might prove particularly advantageous given Tesla’s aggressive expansion plans within the U.S., including a second manufacturing facility under construction in Texas.

Navigating Conflicts of Interest

Musk’s multifaceted role across the automotive, space, artificial intelligence, and renewable energy sectors raises inevitable conflicts of interest, especially as he potentially steps right into a governmental advisory position. His influence on U.S. policy could range from easing AI and EV regulatory requirements to shaping space exploration priorities — areas where Musk’s own ventures would directly profit.

Analysts like Mamta Valechha from Quilter Cheviot suggest that Musk’s potential oversight of regulatory policies could extend well into sectors he dominates, particularly those involving AI, EVs, and renewable energy. Historically critical of federal oversight in industries like aerospace, Musk may push for reduced regulatory scrutiny, aiming to speed up innovation timelines.

Renewable Energy

Despite Trump’s mixed record on environmental policy, Musk’s commitment to carbon-free energy solutions, from solar panels to battery technology, is unwavering. While Trump’s administration has signaled a rollback on certain green energy projects, Republican-dominated states like Texas have still reaped advantages from renewable energy initiatives under the IRA. Tesla’s continued growth in states with large green energy markets, like its factory expansion in Texas, indicates that Musk may proceed supporting renewable solutions no matter federal shifts.

The Musk-Trump alliance is more likely to leave an indelible mark on each U.S. policy and the EV industry’s trajectory. For Tesla, the connection could mean an expedited path for its ambitious innovations, particularly in FSD technology and AI-powered manufacturing. Yet, the connection also introduces potential ethical challenges and conflicts of interest as Musk navigates his influential roles across various sectors.

As markets adjust to the brand new reality of a Trump administration with Musk as a key ally, investors and industry leaders will closely watch Tesla’s next moves. If Musk leverages his political influence effectively, Tesla could also be poised to paved the way in shaping the longer term of EVs and renewable energy — while its competitors grapple with a changing regulatory landscape.

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