Former President Donald Trump has made a stunning reversal on his stance towards electric vehicles, publicly endorsing Tesla Inc and its CEO Elon Musk at the White House. This about-face comes after years of criticism from Trump, who previously called for subsidies to be phased out for EVs.
In 2023, Trump expressed concerns that EVs were not gaining traction due to their limited range and high costs. However, in recent months, he has made several public statements praising Tesla’s products and supporting the company financially. This shift is likely due to Musk’s financial backing of Trump during his 2024 presidential campaign.
Trump recently hosted a White House event featuring multiple Tesla vehicles, with the president himself purchasing an EV for his staff. The display marked a significant change from Trump’s comments in December 2023, where he criticized electric cars and even took aim at environmental groups supporting them.
The former president’s stance on autonomous vehicles also shifted, contradicting previous calls for a ban on such technology. This new stance could benefit Tesla, as Musk has stated that autonomy is crucial to the company’s growth strategy.
As a result of Trump’s change in heart, those who invested in Tesla stock at the time may be seeing significant gains. A $1,000 investment in Tesla shares in October 2023 would be worth $1,112.82 today, representing an 11.3% return on investment.
Source: https://in.benzinga.com/politics/25/03/44463746/if-you-invested-1000-in-tesla-stock-when-donald-trump-said-ev-owners-become-somewhat-schizophrenic-heres-how-much-youd-have-now