JPMorgan Chase: Trump's tax bill could cost Tesla $1.2 billion in annual profit

According to a report by Bijie.com on June 5, Trump's huge tax bill will largely eliminate a tax credit of up to $7,500 for some Tesla models and other electric vehicle buyers by the end of this year, seven years earlier than originally planned. Analysts at JPMorgan Chase said this would hit Tesla's full-year profits by about $1.2 billion. After leaving his official White House adviser position last week, Musk has been blocking the president from signing the tax bill, which he called "disgusting." Musk has been lobbying Republican lawmakers - including a direct appeal to House Speaker Johnson to keep electric vehicle tax credits in legislation. According to market data, Tesla's U.S. stock fell more than 5.5% today, and is currently down 3.6%, with a share price of $320.