Â鶹´«Ã½

Skip to main content

Tesla's Musk says Biden's EV bill shouldn't pass

Elon Musk, Tesla CEO, attends a media event alongside the visit of Germany's centre-right candidate to replace Angela Merkel as chancellor in the upcoming elections and Christian Democratic Union chairman, Armin Laschet, at the construction side of the Tesla Gigafactory in Gruenheide near Berlin, Germany, Friday, Aug. 13, 2021. ( Patrick Pleul/dpa via AP) Elon Musk, Tesla CEO, attends a media event alongside the visit of Germany's centre-right candidate to replace Angela Merkel as chancellor in the upcoming elections and Christian Democratic Union chairman, Armin Laschet, at the construction side of the Tesla Gigafactory in Gruenheide near Berlin, Germany, Friday, Aug. 13, 2021. ( Patrick Pleul/dpa via AP)
Share
SAN FRANCISCO -

Tesla Inc CEO Elon Musk said on Monday that the U.S. Congress should not approve the Biden administration's bill to boost subsidies for electric vehicles (EVs), saying the proposal would worsen the country's budget deficit.

The billionaire entrepreneur is escalating criticism about the administration and Democrats for a proposal to give union-made, U.S.-built electric vehicles an additional US$4,500 tax incentive. Tesla and foreign automakers do not have unions at their U.S. factories.

"Honestly, it might be better if the bill doesn't pass," Musk said at the WSJ CEO Council Summit. "I'm literally saying get rid of all subsidies," he said, adding that the government should I think just try to get out of the way and not impede progress."

He also reiterated opposition to a proposal by Democrats to tax billionaires. "It does not make sense to take the job of capital allocation away from people who have demonstrated great skill ... and give it to, you know, an entity that has demonstrated very poor skill in capital allocation, which is the government."

Musk also said his brain-chip startup, Neuralink hopes to begin human trials next year pending approval of the U.S. Food and Drug Administration. "I think we have a chance with Neuralink of being able to restore full body functionality to someone who has a spinal cord injury."

(Reporting by Hyunjoo Jin; Editing by Sandra Maler)

CTVNews.ca Top Stories

A team of tornado experts are investigating a path of damage through Wellington County.

Timmins-James Bay MP Charlie Angus was among approximately 120 people who gathered Sunday night for a candlelight vigil near the scene of a vicious attack against a 16-year-old in Cobalt.

A B.C. teen has a suspected case of H5N1 avian flu — the first known human to acquire the virus in Canada.

Local Spotlight

For the second year in a row, the ‘Gift-a-Family’ campaign is hoping to make the holidays happier for children and families in need throughout Barrie.

Some of the most prolific photographers behind CTV Skywatch Pics of the Day use the medium for fun, therapy, and connection.

A young family from Codroy Valley, N.L., is happy to be on land and resting with their newborn daughter, Miley, after an overwhelming, yet exciting experience at sea.

As Connor Nijsse prepared to remove some old drywall during his garage renovation, he feared the worst.

A group of women in Chester, N.S., has been busy on the weekends making quilts – not for themselves, but for those in need.

A Vancouver artist whose streetside singing led to a chance encounter with one of the world's biggest musicians is encouraging aspiring performers to try their hand at busking.

Ten-thousand hand-knit poppies were taken from the Sanctuary Arts Centre and displayed on the fence surrounding the Dartmouth Cenotaph on Monday.

A Vancouver man is saying goodbye to his nine-to-five and embarking on a road trip from the Canadian Arctic to Antarctica.

Stay Connected