Tesla CEO Elon Musk gestures during the Tesla China-made Model 3 Delivery Ceremony in Shanghai.

STR | AFP | Getty Images

Tesla CEO Elon Musk said he’s against President Joe Biden’s spending bill, pointing to his concerns with the “insane” federal deficit.

“Honestly, I would just can this whole bill,” Musk said late Monday during the Wall Street Journal’s CEO Council Summit. “Don’t pass it, that’s my recommendation.”

The Build Back Better Act, which has passed in the House but has yet to go to the Senate, includes tax incentives of up to $12,500 for vehicles built by autoworker union members to spur consumer demand in electric vehicles. The Biden administration’s efforts would reinstate a $7,500 federal credit for Tesla, which doesn’t have union workers building cars, once again giving Tesla the same credits that many other automakers are still eligible for. But Tesla has been operating without the standard $7,500 for nearly two years now and is doing just fine, Musk said.

The Build Back Better Act comes on the back of Biden’s infrastructure bill, which was signed into law last month. It includes $7.5 billion to build out the nation’s electric vehicle charging stations. Musk also added Monday that government funds for EV charging is unnecessary.

“Do we need support for gas stations? We don’t,” Musk said. “So there’s no need for support for a charging network. I would delete it. I’m literally saying get rid of all subsidies, but also for oil and gas.”

Musk said that the government should act more of a sports referee, rather than a player on the field. Still, he admitted some infrastructure could use improvements, like airports and highways.

Subscribe to CNBC on YouTube.



Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here