Trump supports Tesla after stock drop, plans purchase
Tesla's shares dropped 15% on Monday, prompting President Donald Trump to announce he will buy a Tesla car. He criticized those boycotting the company, while Elon Musk reassured shareholders about the company's long-term prospects. Trump's recent tariffs on Chinese imports and allies may impact Tesla and its competitors. However, Tesla has developed self-sufficient supply chains in the U.S. and China, reducing its vulnerability to these tariffs. Additionally, the Trump administration's plans to cut financial support for fast-charging stations may benefit Tesla by weakening its competition. Tesla has been producing EVs in California since 2012 and has a strong domestic supply chain.