NDTV News

NDTV.com provides latest news from India and the world. Get today’s news headlines from Business, Technology, Bollywood, Cricket, videos, photos, live news coverage and exclusive breaking news from India.

https://www.ndtv.com/

Biden's Electric Vehicle Bill Should Not Pass Congress, Says Elon Musk.

Biden's Electric Vehicle Bill Should Not Pass Congress, Says Elon Musk

Tesla's Elon Musk said the government should "get out of the way and not impede progress". (File)

San Francisco:

Tesla Inc Chief Executive Officer Elon Musk said on Monday that Congress should not approve the Biden administration's bill to boost subsidies for electric vehicles (EVs), saying the proposal would worsen the US budget deficit.

The billionaire entrepreneur is escalating criticism about the administration and Democrats for a proposal to give union-made, US-built electric vehicles an additional $4,500 tax incentive. Tesla and foreign automakers do not have unions at their US factories.

"Honestly, it might be better if the bill doesn't pass," Musk said at the WSJ CEO Council Summit.

"I'm literally saying get rid of all subsidies," he said, adding that the government should "get out of the way and not impede progress."

Tesla has benefited from a variety of government aid and programs.

Since 2019, Tesla generated more than $3 billion revenue from selling regulatory credits to other automakers falling short of meeting government emissions standards. The rise in the income helped Tesla start making annual profits last year.

The company acquired its Fremont, California, assembly plant from the government as it restructured General Motors. Tesla also received a $465 million low-cost loan from the Department of Energy, which it repaid early.

Tesla also benefited from a $7,500-per-vehicle federal tax credit. That credit applied in full to the first 200,000 Teslas sold, and then phased out.

In his comments on Monday, Musk also reiterated opposition to a proposal by Democrats to tax billionaires.

"It does not make sense to take the job of capital allocation away from people who have demonstrated great skill ... and give it to, you know, an entity that has demonstrated very poor skill in capital allocation, which is the government."

Musk said his brain-chip startup, Neuralink, hopes to begin human trials next year pending approval from the US Food and Drug Administration.

"I think we have a chance with Neuralink of being able to restore full body functionality to someone who has a spinal cord injury," he said.

(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)

Related news
Live: Grant Shapps set to SCRAP Covid-19 travel tests for double jabbed Brits.

Live: Grant Shapps set to SCRAP Covid-19 travel tests for double jabbed Brits.

MILLIONS of families have been given a half-term holiday boost as doubled-jabbed Brits will no longer have to take hated Covid tests, the prime minister has confirmed. Passenger locator forms will also be torn up to make them much easier and simpl...

LIVE: White House Holds Press Briefing - NBC News

LIVE: White House Holds Press Briefing - NBC News

Watch as White House Press Secretary Jen Psaki holds a press briefing. » Subscribe to NBC News: » Watch more NBC video: NBC News Digital is a collection of innovative and powerful news brands that deliver compelling, diverse and engaging news stor...

Majority Of Americans Think U.S. Is Heading In The Wrong Direction, According To NBC News Poll

Majority Of Americans Think U.S. Is Heading In The Wrong Direction, According To NBC News Poll

According to an NBC News poll, 72 percent of Americans believe that America is headed in the wrong direction as President Biden begins his second year in office. NBC News’ senior political editor Mark Murray breaks down what the recent poll number...

U.S. orders Ukraine embassy staff to leave country amid tensions with Russia

U.S. orders Ukraine embassy staff to leave country amid tensions with Russia

As the conflict between Ukraine and Russia continues to boil, the U.S. is ordering embassy staff and their families to leave as fears of invasion continue. CBS News correspondent Laura Podesta joins "CBS News Mornings" with more. CBS News Streamin...

MoneyWatch: Tax-filing season begins as IRS deals with major backlogs from last year's filings.

MoneyWatch: Tax-filing season begins as IRS deals with major backlogs from last year's filings.

Today marks the first day that Americans can file their taxes for 2021. This year's season starts 17 days earlier than last year as the IRS still has a backlog of filings from last year. MoneyWatch reporter Irina Ivanova joins "CBS News Mornings" ...

WorldView: Julian Assange gets chance to appeal extradition to UK high court.

WorldView: Julian Assange gets chance to appeal extradition to UK high court.

WikiLeaks founder Julian Assange's battle to avoid extradition to the U.S. will go to Britain's Supreme Court after he was granted the right to appeal a lower court ruling. And the United Arab Emirates intercepted two ballistic missiles targeting ...