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Elon Musk hits out at EV incentives in Build Back Better Act

By Joseph Toppe

15:45, 7 December 2021

Elon Musk
Elon Musk - Photo: Shutterstock

American entrepreneur Elon Musk has criticised the Biden Administration’s legislative proposal designed to put more electric vehicles on the roadways, calling the bill’s support “unnecessary.”

In an interview at the Wall Street Journal’s CEO Summit, the Tesla chief went a step further saying, “I would just can this whole bill.”

“Don’t pass it. That’s my recommendation,” he continued. "The federal budget deficit is insane.”

What’s going on in Congress?

While the US Senate has yet to vote on the matter, the House of Congress has already passed a near $2trn (£1.51trn) Build Back Better plan penned by President Joe Biden in November.

The bill would give consumers a tax credit up to $12,500 if they buy an electric vehicle put together by American union workers using American-built batteries.

AMC

6.69 Price
-2.070% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 0.03

TSLA

237.71 Price
+0.440% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 0.11

VODl

0.71 Price
-0.700% 1D Chg, %
Long position overnight fee -0.0253%
Short position overnight fee 0.0033%
Overnight fee time 22:00 (UTC)
Spread 0.0025

NVDA

476.97 Price
-1.200% 1D Chg, %
Long position overnight fee -0.0262%
Short position overnight fee 0.0040%
Overnight fee time 22:00 (UTC)
Spread 0.16

Non-union factories like Tesla’s, would be open to smaller credits.

The infrastructure package also includes $7.5bn to expand the nation’s network of electric vehicle charging stations.

On Tuesday morning, shares for Tesla are up around 3.81% to $1,048.80.

Read more: Plug Power (PLUG) stock forecast: Is it time to buy the dip?

Markets in this article

TSLA
Tesla Inc (Extended Hours)
237.71 USD
1.04 +0.440%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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