Analyst: Trump's Tax Bill Could Cost Tesla $1.2 Billion

According to Jinshi reports, institutions have stated that by the end of this year, Trump's massive tax bill will largely eliminate tax credits of up to $7,500 for buyers of certain Tesla models and other electric vehicles, seven years earlier than originally planned.

JPMorgan analysts indicate that this will deal a blow of approximately $1.2 billion to Tesla's annual profits. After leaving his official advisory position at the White House last week, Musk has been preventing the President from signing the tax bill, which he described as "disgusting." Musk has been lobbying Republican lawmakers—including making direct appeals to House Speaker Johnson—to retain the electric vehicle tax credits in the legislation.