“Written by Ford, UAW lobbyists”: Tesla, Toyota fire back on EV tax

Published

4 years ago

September 14, 2021

Those buying union-manufactured vehicles are the winners, but not in the eyes of those who are against the tax bill.

Elon Musk’s Tesla stands with Toyota against new tax bill

Automotive companies Tesla and Toyota are at odds with Ford and the United Auto Workers (UAW) Union over a new proposal to award union-made electric vehicles (EV) with a pricey tax incentive.

The 3.5 trillion dollar bill will benefit those whose vehicles are assembled in UAW represented plants, providing them with a $4,500 tax reduction.

General Motors, Ford and Chrysler’s parent-company Stellantis NV will reap the benefits of the bill, which is set to be taken up by the House Ways and Means Committee on Tuesday.

Under the proposal, some buyers may be eligible for $12,500 in maximum tax credit, which includes $500 for using batteries manufactured in the United States.

Additionally, tax credits will be phased out after car and truck manufactures hit 200,000 in EV sales.

Not good news for everyone

However, Toyota says the plan discriminates against American auto workers who don’t belong to a union and awards wealthy buyers with huge tax breaks.

Tesla, along with international automakers, are also among the automotive companies that don’t have unions – they too in protest of the bill.

Elon Musk, Tesla Chief Executive took to Twitter to express his concern, adding to growing number of auto manufacturers unimpressed with the proposal.

“This is written by Ford/UAW lobbyists, as they make their electric car in Mexico. Not obvious how this serves American taxpayers.”

His response comes after Electric Vehicle news channel Whole Mars Catalog, asked for the CEO’s thoughts on the “already ridiculous” rule.

“My [jaw] was on the floor when they expanded it to $4,500 for unions and reduced the American-made to only $500,” the news blog tweeted. “They are clearly targeting one company here.”

“American-made should be the top priority! We need to be making cars of the future here, not losing our auto industry to Mexico and China.”

Written by Rebecca Borg

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Australia’s sharemarket set for weakest annual return in three years

Australia’s sharemarket set for weakest return in three years; gains from gold and critical minerals offset blue-chip losses.

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20 hours ago

December 22, 2025

Harvey Vargas

Australia’s sharemarket set for weakest return in three years; gains from gold and critical minerals offset blue-chip losses.

Australia’s sharemarket is on track for its weakest annual return in three years, with the S&P/ASX 200 Index expected to finish 2025 up around 6 per cent. Investors are feeling the impact of major losses from blue-chip companies, including Commonwealth Bank and CSL, which have dragged overall performance.

Despite the slow year, certain sectors provided a boost. Gains were largely driven by surging gold prices and rising interest in critical minerals, helping offset some of the losses from larger companies.

Smaller companies in the resources sector outperformed their larger counterparts, highlighting a shift in investor focus towards niche opportunities and high-demand commodities.

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US stocks surge amid AI hype despite market volatility

US stock market bounced back, S&P 500 up 16% in 2023, driven by AI excitement amid policy uncertainties.

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US stock market bounced back, S&P 500 up 16% in 2023, driven by AI excitement amid policy uncertainties.

The US stock market has experienced a rollercoaster year, with the S&P 500 nearly entering a bear market in April due to tariff concerns. Investor sentiment shifted following policy changes from President Trump, setting the stage for a dramatic rebound.

By June, the S&P 500 was hitting new records, fueled by excitement over artificial intelligence and its impact on the tech sector. Corporate profit forecasts improved, contributing to an overall annual gain of 16%, despite ongoing market fluctuations.

Yet, the S&P 500 still trails international markets, reflecting lingering policy uncertainties in the US.

Investors are watching closely to see how domestic and global factors will shape the next year.

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Stocks rally ahead of Thanksgiving as markets log four days of gains

Markets gain momentum ahead of Thanksgiving, with the Dow up 388 points and Oracle rising 4% amid investor optimism.

Published

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Markets gain momentum ahead of Thanksgiving, with the Dow up 388 points and Oracle rising 4% amid investor optimism.

Markets are moving into the Thanksgiving break with strong momentum, as stocks notch four straight days of gains. The Dow Jones Industrial Average jumped 388 points, while the S&P 500 added 0.9%, pushing both indexes toward their best week since June.

Oracle led major movers, rising more than 4% after Deutsche Bank reaffirmed its bullish outlook on the tech giant. Broad investor optimism continues building across sectors as economic data softens and earnings remain resilient.

All eyes are now on the Federal Reserve and what potential shifts in interest-rate policy may mean for the markets. U.S. markets will close Thursday for the Thanksgiving holiday and reopen Friday for a shortened trading session.

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