Investor Ross Gerber, co-founder of investment firm Gerber Kawasaki, believes that Tesla Inc. CEO Elon Musk is partly to blame for the rollback of electric vehicles (EVs) in the US.
Capsulizing Many People’s Thoughts
Gerber recently quoted a post on the social media platform X, where a user expressed frustration with Musk, stating that the CEO is “personally partially responsible” for decelerating the US’s transition to sustainable transportation and energy. Gerber noted that this sentiment is shared by many, saying “I think this capsulizes many people’s thoughts on Tesla/Elon.”
This criticism stems from Musk’s close ties with President Donald Trump, who has implemented policies detrimental to EVs and clean energy since taking office. These policies include the rollback of the Corporate Average Fuel Economy (CAFE) standards and the end of the federal EV tax credit.
Gerber Issues Warning
Gerber had previously expressed concern over Tesla’s decision to offer its Full Self-Driving (FSD) technology as a subscription service only, eliminating the one-time payment option. He warned that this move could be a sign of Tesla’s fading technological advantage over its competitors.
Elon Musk Touts Lithium Refinery
Meanwhile, Musk has been promoting Tesla’s new lithium refinery, which is the largest facility of its kind in the US. The refinery extracts Lithium Oxide from Spodumene, a crucial source of lithium for EV batteries and Tesla’s energy storage business.
Market Performance
Despite the controversy, Tesla’s stock has been performing well, with a favorable price trend in the short, medium, and long term. The stock declined 0.14% to $438.57 at market close on Wednesday but gained 0.21% to $439.49 during after-hours trading.
Conclusion
The debate surrounding Elon Musk’s role in the US EV setback continues, with some investors like Ross Gerber expressing concern over the CEO’s influence on the industry. As the EV market continues to evolve, it remains to be seen how Tesla and other manufacturers will adapt to changing policies and technological advancements.