US President Donald Trump’s plan to increase funding for the US coal industry has sent shockwaves through the electric vehicle sector. The announcement, made on Tuesday, aims to reduce America’s reliance on renewable energy sources and promote domestic fossil fuel production.
The move is a blow to Tesla’s battery business, which relies heavily on the growth of the EV market. Tesla’s stock price plummeted in early trading after news of Trump’s plan spread, wiping out significant gains from earlier this year.
Environmental groups have expressed opposition to the plan, citing concerns over air pollution and climate change. The announcement has sparked fears that it could hinder the development of renewable energy sources and slow down the transition to cleaner transportation methods.
The impact of Trump’s plan on Tesla and other EV manufacturers is still unclear. However, one thing is certain: the move marks a significant shift in the US government’s stance on clean energy and its future direction under the new administration.
Source: https://www.barrons.com/articles/tesla-stock-price-trump-tariffs-768c537a