Trump Considers Elon Musk for Cabinet Role, Hints at EV Tax Credit Changes

Trump says he would name 'brilliant' Elon Musk to a cabinet role

"I certainly would, if he would do it," Trump said on naming Musk to a cabinet or advisory role. US presidential hopeful Donald Trump said that he "certainly would" name Tesla CEO Elon Musk to a cabinet or advisory role if elected after saying he would end tax credits for electric vehicle purchases. "Tax credits and tax incentives are not generally a very good thing," Trump told Reuters after a campaign event in Pennsylvania on Monday. When asked about naming Musk to a particular role in his administration Trump said: "He's a very smart guy. I certainly would, if he would do it, I certainly would. He's a brilliant guy". Musk has endorsed Trump and reportedly said in July he was planning to pledge $45 million (€41 million) a month to a political committee supporting the former US president. Musk later denied the report. Musk did not explicitly say he would join a cabinet or advisory role but posted on his social media platform X on Tuesday "I am willing to serve" with an artificial intelligence (AI)-generated image of him standing on a podium reading "Department of Energy Efficiency" with the American flag behind him. However, how Trump and Musk could work together could be complicated. Trump also said on Monday: "I'm a big fan of electric cars, but I'm a fan of gasoline-propelled cars, and also hybrids and whatever else happens to come along". The US Treasury Department has set rules that make it easier for EV purchasers to take advantage of a $7,500 (€6,800) tax credit. In 2019, while Trump was serving as president, he sought to repeal the EV tax credit but in 2022 President Joe Biden expanded it. Trump told Reuters he was "not making any final decisions on" the EV tax credit but that "you can't mandate that you can only buy an electric car".

'He's A Very Smart Guy': Donald Trump Is Eyeing Elon Musk For Cabinet Role If He Wins 2024 Election - News18

Trump said he'd consider Elon Musk for a Cabinet role if elected. He also hinted at reversing the EV tax credit, while Musk supports Trump and may join a commission Former US President Donald Trump on Monday said he would consider appointing Tesla CEO Elon Musk to his Cabinet if he wins the November election. "He's a very smart guy. I certainly would, if he would do it. He's a brilliant guy," Trump told Reuters in an interview. Trump also indicated he might reverse the $7,500 tax credit for electric vehicle purchases, which the Biden administration has promoted as part of its climate change agenda. Musk, who owns the social media platform X, has endorsed Trump and supported a super PAC backing the former US president's campaign. Last week, Trump and Musk held a two-hour discussion on X. During their conversation, Musk expressed willingness to join a government commission focused on studying the national debt and revising Congressional spending. Last month, Musk publicly endorsed Trump in the US presidential race after the assassination attempt on the former president. READ MORE: Elon Musk And Donald Trump Dance To Stayin' Alive In Viral AI Video, We Can't Stop Laughing This support came even as Trump could take steps to reverse Treasury Department rules that have made it easier for automakers to take advantage of the $7,500 credit and helped companies like Tesla. While president, Trump sought to repeal the EV tax credit which was later expanded by President Joe Biden in 2022. "I'm not making any final decisions on it," Trump said of the EV tax credit. "I'm a big fan of electric cars, but I'm a fan of gasoline-propelled cars, and also hybrids and whatever else happens to come along." He added that he would rescind the Biden administration rules that will prod automakers to build more EVs and plug-in hybrids to meet stricter emissions standards and said he sees a "much smaller market" for EVs because of cost and battery range issues. Trump also said on Monday he would take steps to discourage exports of vehicles produced by the Detroit Three automakers and others from Mexico for U.S consumers by imposing new tariffs and would prevent Chinese automakers from building new plants in Mexico for U.S. market vehicles. He made similar threats during his presidency. "If you put tariffs on those cars, they're going to make it here" Trump said. "It's very simple. It's not complicated. If you tell Mexico, 'look, you're stealing our car industry,' which they're doing now." However, Trump is open to Chinese and other automakers building vehicles in the United States. "We're going to give incentives, and if China and other countries want to come here and sell the cars, they're going to build plants here, and they're going to hire our workers," Trump said. "We will make our own cars. I want to make our own cars."

Trump says he is open to naming Elon Musk as an adviser

Republican presidential candidate Donald Trump said on Monday that if elected he would consider ending a $7,500 tax credit for electric-vehicle purchases and that he would be open to naming Tesla CEO Elon Musk to a cabinet or advisory role. "Tax credits and tax incentives are not generally a very good thing," Trump told Reuters in an interview after a campaign event in York, Pennsylvania, when asked about the EV credit. Asked if he would consider naming Musk to an advisory role or cabinet job, Trump said he would. "He's a very smart guy. I certainly would, if he would do it, I certainly would. He's a brilliant guy," Trump said. Musk last month publicly endorsed Trump in the U.S. presidential race. Tesla did not immediately respond to a request for comment. If elected, Trump could take steps to reverse Treasury Department rules that have made it easier for automakers to take advantage of the $7,500 credit or could ask the U.S. Congress to repeal it entirely. While president, Trump sought to repeal the EV tax credit which was later expanded by President Joe Biden in 2022. Trump posts image of fake Taylor Swift endorsement (Unravel the complexities of our digital world on The Interface podcast, where business leaders and scientists share insights that shape tomorrow's innovation. The Interface is also available on YouTube, Apple Podcasts and Spotify.) "I'm not making any final decisions on it," Trump said of the EV tax credit. "I'm a big fan of electric cars, but I'm a fan of gasoline-propelled cars, and also hybrids and whatever else happens to come along." He added that he would rescind the Biden administration rules that will prod automakers to build more EVs and plug-in hybrids to meet stricter emissions standards and said he sees a "much smaller market" for EVs because of cost and battery range issues. Trump also said on Monday he would take steps to discourage exports of vehicles produced by the Detroit Three automakers and others from Mexico for U.S consumers by imposing new tariffs and would prevent Chinese automakers from building new plants in Mexico for U.S. market vehicles. He made similar threats during his presidency. "If you put tariffs on those cars, they're going to make it here" Trump said. "It's very simple. It's not complicated. If you tell Mexico, 'look, you're stealing our car industry,' which they're doing now." But Trump is open to Chinese and other automakers building vehicles in the United States. "We're going to give incentives, and if China and other countries want to come here and sell the cars, they're going to build plants here, and they're going to hire our workers," Trump said. "We will make our own cars. I want to make our own cars." Separately, Trump harshly criticised Alphabet's Google but declined to say if he thought the technology company should be broken up after a judge ruled this month that Google was an illegal monopoly. Trump's AI claims on Kamala Harris' rally crowds debunked by experts "They're almost like the Wild West," Trump said of Google, without elaborating on what penalty it should face. "They're going to have to pay a great price." Trump has previously said he would prevent short video app TikTok from being banned despite a law approved in April that sets a deadline of Jan. 19, 2025, for Chinese owner ByteDance to divest TikTok's U.S. assets. Asked if he could accept continued Chinese ownership of TikTok, Trump did not directly answer but said ByteDance might sell. "It's very hard to ban something like that, because you're talking about free speech," Trump said. "You're talking about a lot of different things go into that equation, but TikTok has treated me very well." Read Comments

Elon Musk In A Trump Cabinet? Ex-President Calls Tesla CEO A 'Very Smart Guy' -- Hints At Scrapping $7,500 EV Tax Credit - Tesla (NASDAQ:TSLA)

Former U.S. President Donald Trump hinted at the potential discontinuation of the $7,500 tax credit for electric vehicle purchases if he is re-elected. Trump also expressed openness to appointing Elon Musk, CEO of Tesla Inc. TSLA, to a cabinet or advisory role. What Happened: Trump, the Republican presidential candidate, made these statements during an interview with Reuters after a campaign event in York, Pennsylvania, on Monday. He suggested that tax credits and incentives are generally not beneficial and that he would consider ending the EV credit. "Tax credits and tax incentives are not generally a very good thing," Trump said. When asked about the possibility of Musk taking on an advisory role or cabinet job, Trump responded affirmatively, praising Musk's intelligence. Musk had previously endorsed Trump in the U.S. presidential race. "He's a very smart guy. I certainly would, if he would do it, I certainly would. He's a brilliant guy," Trump said. If elected, Trump could potentially reverse Treasury Department rules that have facilitated automakers' use of the $7,500 credit or ask the U.S. Congress to repeal it entirely. During his presidency, Trump had sought to repeal the EV tax credit, a move that was later expanded by President Joe Biden in 2022. Trump also indicated plans to discourage exports of vehicles made by the Detroit Three automakers and others from Mexico for the U.S. market by imposing new tariffs. He also threatened to prevent Chinese automakers from building new plants in Mexico for U.S. market vehicles. See Also: Elon Musk Is Beefing With Mark Cuban Again After 'Shark Tank' Fame Slams Tesla Founder For Manipulating X Algorithm Why It Matters: The potential elimination of the EV tax credit comes at a time when the relationship between Trump and Musk appears to be strengthening. Recently, Musk expressed interest in inviting Trump to visit Tesla's Giga Texas, highlighting Trump's support for American manufacturing. Moreover, the partnership between Trump and Musk has raised eyebrows, given their past disagreements on climate change and electric vehicles. According to CNBC, their alliance could significantly impact the future of the EV industry. Additionally, the House Judiciary Committee has recently condemned the European Union for allegedly trying to intimidate Musk's social media platform, X. The committee's actions underscore the ongoing tensions surrounding Musk's ventures and their intersection with political interests. Price Action: Tesla stock closed at $222.86 on Monday, gaining 3.12% for the day. In after-hours trading, the stock dipped 0.38%. Year to date, Tesla's stock has declined 10.29%, according to data from Benzinga Pro. Read Next: Elon Musk's Biographer Cites Unnamed AI Expert To Note That Tesla Has 'Massive Edge On Bridge Between AI And Physical World' With Its Factories Image Via Shutterstock This story was generated using Benzinga Neuro and edited by Kaustubh Bagalkote Market News and Data brought to you by Benzinga APIs