“Tesla isn’t immune to sales being impacted, they have some brand loyalty although we don’t know what the impact Elon Musk has had on polarizing consumers yet, that’s still a bit of an unknown,” said Stephanie Valdez Streaty, director of industry insights at Cox Automotive, which estimates EVs will have a 10% share of US car sales this year, up from 8% in 2024.
Donald Trump’s attempts to slash incentives for electric cars would cause sales of the vehicles to plummet, with this effort cheered on by a seemingly confounding supporter – Elon Musk, the billionaire chief executive of Tesla and erstwhile champion for action on the climate crisis.
Elon Musk’s journey from climate champion to backing EV-bashing Trump Musk believes Tesla’s rivals are more vulnerable to Trump’s moves against electric vehicles.
Trump’s agenda has been enthusiastically backed by Musk, despite the world’s richest person heading Tesla, the market-leading EV company that also relies upon some parts made in China that may be targeted by tariffs imposed by Trump.
Tesla is comfortably the largest EV brand in the US, accounting for nearly half of all sales, and makes more profit per car than its rivals, meaning the removal of incentives would be disproportionately felt by other manufacturers.
