With his close ties to President-elect Trump, Elon Musk is more influential than ever. But the head of one of Tesla’s biggest rivals is worried.
Hyundai CEO Jose Munoz said Tuesday that he believes the Tesla CEO’s enormous influence over Trump’s management can be positive for the rest of the auto industry.
“Honestly, I don’t see that as a concern,” Muñoz said in an interview with Bloomberg.
Hyundai’s CEO said he believes the most productive thing for Musk is to ensure the United States continues to promote investment and expansion in electric vehicles and remains competitive with China’s growing electric vehicle industry.
“I think having someone who is very close to the US industry and the global electric vehicle (in this position) will be positive for the industry,” Muñoz added.
Musk’s close relationship with Trump, which has seen the billionaire take on an advisory role to cut government spending within the so-called Department of Government Effectiveness, has raised concerns that the Tesla CEO could use his newfound influence to spice up his own business. and target your rival. automobile manufacturers.
Musk has already spoken out in favor of cutting the $7,500 federal subsidy for new electric cars made in the United States, which applies to Hyundai, Ford, General Motors and Tesla vehicles.
The SpaceX founder and analysts said cutting the subsidy would have a larger effect on Tesla’s rivals, and Musk said the move would “devastate” the company’s competition and give Tesla long-term advantages at an earnings convention. in November. .
Musk’s DOGE co-founder Vivek Ramaswamy also said the cost-cutting framework would “carefully review” the $7. 5 billion in federal loans through the Biden administration to Tesla rivals Rivian and Stellantis.
It comes as Hyundai and its sister company, Kia, continue to see strong electric vehicle sales in the US.
Both corporations posted record electric car sales in the United States last year thanks to new models like the IONIQ 5 and the Kia EV9. In June, their combined parent company beat Ford and GM to quickly become the country’s second-largest electric car distributor, Tesla.
Hyundai did not respond to a request for comment, sent outside normal working hours.
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