Tesla CEO Elon Musk stated on Tuesday that U.S. presidential candidate Donald Trump's potential cancellation of support for electric vehicles would hit other automakers harder, while having a smaller impact on Tesla, which is based in Austin, Texas.
On the earnings call following the electric car maker's lowest profit margins in five years, Musk said, "This would be devastating for our competitors and have little impact on Tesla, but in the long run, it might actually benefit Tesla."
Trump, the Republican candidate endorsed by Musk, has been critical of the Biden administration's electric vehicle policies and has stated he will "end the mandatory requirements for electric vehicles" if elected.
Trump has not provided details of this plan.
Musk indicated that Trump's cancellation of subsidies would not significantly impact Tesla's car sales because Tesla is a company focused on autonomous driving technology.
"The value of Tesla lies primarily in autonomous driving. These other factors are insignificant in comparison," Musk said.
The billionaire announced his support for Trump shortly after an assassination attempt on a presidential candidate earlier this month.
Musk denied a media report that he had committed to donating $45 million a month to Trump but said he had created a political action committee.
