Musk says Tesla will double automobile manufacturing in 2 years to ‘help Trump’s insurance policies’ – Firstpost
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The announcement of his bold plan comes after Trump purchased a brand-new Tesla EV in a present of help for his shut advisor Musk, who helped the president choose the shiny purple automotive
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Tesla CEO Elon Musk on Tuesday introduced that his firm would double the manufacturing of electrical autos within the US inside two years.
“In help of the insurance policies of President Donald Trump and to display our confidence in the way forward for america, Tesla commits to doubling automobile manufacturing within the US inside 2 years!” Musk wrote on X.
The announcement of his bold plan comes after Trump purchased a brand-new Tesla EV in a present of help for his shut advisor Musk, who helped the president choose the shiny purple automotive.
“I stated, ‘you recognize, Elon, I don’t like what’s taking place to you, and Tesla’s a terrific firm,’” Trump advised reporters whereas standing alongside Musk, his high donor, in entrance of a purple Tesla on the White Home south portico.
“He has by no means requested me for a factor, and he’s constructed this nice firm, and he shouldn’t be penalized as a result of he’s a patriot,” Trump continued.
The unprecedented product endorsement by a sitting president got here after Tesla shares cratered amid market fears spurred by Trump’s tariffs and backlash to Musk’s controversial position in slashing the US authorities.
Get in, patriots—we’ve a rustic to avoid wasting.🇺🇸@ElonMusk helps President Trump choose his new @Tesla! pic.twitter.com/VxdKMsOBjW
— The White Home (@WhiteHouse) March 11, 2025
Why did Tesla shares drop?
Tesla’s inventory dropped by practically half in three months. The corporate’s market capitalization has dropped 45 per cent since hitting an all-time excessive of $1.5 trillion on December 17, erasing a lot of the good points the inventory made after CEO Musk helped finance the election victory of Trump.
The inventory has been slipping since December attributable to declining automobile gross sales and income, backlash towards Musk’s political involvement—together with his position in mass layoffs of US authorities staff as a senior advisor to Trump—and investor issues that his political actions are diverting consideration from his most worthwhile enterprise.
With inputs from companies
