Financial Insights That Matter
Tesla (NASDAQ:TSLA) shares rose about 6% on Thursday morning despite CEO Elon Musk saying the company’s operations would be meaningfully affected by new U.S. auto tariffs, according to a post on X.
The new measures, announced by U.S. President Donald Trump, impose a 25% tariff on all vehicles manufactured outside the country. Trump added that Musk was not consulted on the move due to a potential conflict of interest, referencing his advisory role and financial backing of Trump’s administration.
Musk, however, clarified that Tesla would still feel the effects despite assembling vehicles at plants in Texas and California. “Tesla is NOT unscathed here. The tariff impact on Tesla is still significant,” Musk posted.
Tesla’s stock gained on the prospect that its U.S.-based production footprint could still give the company a relative advantage despite the challenges posed by the tariffs.
This article first appeared on GuruFocus.
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