Analyst: Trump's tax bill could result in a $1.2 billion loss for Tesla

ChainCatcher news, according to Jin10 reports, institutions report that by the end of this year, Trump's massive tax bill will largely eliminate the tax credit of up to $7,500 for certain Tesla models and other electric vehicle buyers, seven years earlier than originally planned.

JPMorgan analysts stated that this will result in a hit of about $1.2 billion to Tesla's annual profits. Since leaving his official advisory position at the White House last week, Musk has been preventing the president from signing the tax bill, which he called "disgusting." Musk has been lobbying Republican lawmakers— including directly appealing to House Speaker Johnson—to retain the electric vehicle tax credit in the legislation.