Tesla stock takes a hit as GOP unveils tax plan that eliminates electric car subsidy

[TomCADem]

Source: LA Times

The shift toward electric vehicles took a big hit Thursday when Republicans officially proposed wiping out the $7,500 federal tax credit for buyers of electric cars as part of a sweeping tax overhaul.

Tesla would be the hardest-hit company should the plan pass Congress and be signed into law by President Trump. Although Chief Executive Elon Musk has said the company’s business plan does not depend on such subsidies, the credit would be cut beginning in 2018, just when Tesla plans to scale up production of its new Model 3 sedan, with a current price of about $45,000 before subsidies.

* * *

It isn’t the first time Tesla’s clean-energy focus has conflicted with the Republican agenda. Musk had served on a business advisory committee assembled by Trump, but quit over Trump’s opposition to the Paris climate change accord.

Other companies that would be immediately affected include General Motors, which sells the Chevy Bolt EV and Volt plug-in hybrid, and Nissan, which just introduced a new version of its all-electric Leaf.

Read more: http://www.latimes.com/business/la-fi-hy-tesla-tax-subsidy-20171102-story.html

[Spiranthes]

1. The oil companies are still trying to rob Americans blind.

This is putting the finger on the scale in favor of oil companies.

[cojoel]

2. The subsidies are only for the first 200,000 vehicles per manufacturer

If Tesla could actually make enough Model 3 vehicles, they have sold enough they would go past that threshold sometime next year. I don't know how many Model 3 buyers will be surprised when they find out they aren't getting the subsidy even if the Republicans don't take it away.

[PatrickforO]

3. GM is gonna be lobbying hard against that one.

The market is already moving. This is political bullshit.

Sigh.

Another thing to call my Senators and Representative about.

[Judi Lynn]

4. Just what you would expect from these predators. They should be in prison, not our Congress. n/t

n o

[hibbing]

5. Turning back the clock

While other industrialized countries move forward, we move backwards. Gee, I can't think why.


Peace

[TalenaGor]

6. time to buy tesla stock

[iluvtennis]

7. All to give Tax breaks to the richest 1%. DISGUSTING to penalize folks who try to reduce harm to

the environment.

[Beartracks]

8. Republicans want America to fail. That seems to be where all their policies lead.

It does America no good to be #1 in last century's technology while the rest of the world moves on.

Republicans are short-sighted and stupid.

==============

[The Wizard]

9. Electric cars cut into oil profits.

Oil is Russia's biggest export. Putin owns Russia's biggest oil company. Putin owns Trump. He has the piss video. Trump is compromised and represents a clear and present danger to the United States.

[YOHABLO]

10. Big Oil Big Profits ... the beat goes on.

[Bernardo de La Paz]

11. At the same time Trump-Republicons propose $11 BILLION per year to coal subsidies. . . . nt