 Energy & Environment |
Energy & Environment |
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Trump defends Tesla amid backlash, financial woes |
The White House is going to bat for Tesla as Elon Musk's electric vehicle (EV) company suffers from financial woes and faces increasingly violent backlash. |
President Trump and top administration officials have touted Teslas on the White House lawn and urged Americans to buy the company's struggling stock. The Trump administration has also labeled vandalization of Tesla dealerships and vehicles as "domestic terrorism" and has filed federal charges against those suspected of destructive acts. The level of support the Trump administration is putting behind the company is unprecedented, especially while Musk is a top adviser to Trump and is leading the efforts to cut federal workers and dismantle agencies. As backlash to Tesla and Musk grows, the White House is doubling down on its defense of the company and the richest person in the world, who has become a bogeyman for the administration as critics blame him for the government overhaul. By the numbers: - Tesla's stock has plummeted in recent weeks, falling nearly 39 percent since the beginning of the year and more than 50 percent since late December.
- The EV company, whose share price soared in the wake of Trump's win in November, has shed more than $500 billion in market value in the first few months of 2025 amid concerns about Musk's attention to the company.
Wedbush Securities analyst Dan Ives suggested Musk needs to "take a step back" from his work at DOGE to focus on Tesla.
"There hasn't been a picture of Musk at a Tesla facility since Trump took office, where essentially he's been living at Mar-a-Lago or the White House," Ives told The Hill. "So that's why I think it's a moment of truth for Musk to read the room, take a step back and lead Tesla through this brand tornado crisis."
Read more from The Hill's Alex Gangitano and Julia Shapero. |
Welcome to The Hill's Energy & Environment newsletter, I'm Rachel Frazin — keeping you up to speed on the policies impacting everything from oil and gas to new supply chains. |
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How policy will affect the energy and environment sectors now and in the future: |
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The Campaign Legal Center (CLC) called for an investigation Friday into whether Commerce Secretary Howard Lutnick's recent comments encouraging Americans to buy Tesla stock violated federal ethics laws. |
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California air quality regulators announced the launch of a first-in-nation satellite data project Friday, with the aim of monitoring and minimizing methane emissions. |
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The United Arab Emirates (UAE) has committed to a 10-year, $1.4 trillion "investment framework" in the U.S., the White House announced Friday. The new framework "will substantially increase the UAE's existing investments in the U.S. economy in AI infrastructure, semiconductors, energy, and American manufacturing," according to the administration. |
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News we've flagged from other outlets touching on energy issues, the environment and other topics: |
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Upcoming news themes and events we're watching: |
Next Week Tuesday The Supreme Court will hear oral arguments in a case on which federal courts can take on cases related to certain Environmental Protection Agency (EPA) actions. The House Foreign Affairs Committee will hold a hearing titled "Metals, Minerals, and Mining: How the CCP Fuels Conflict and Exploitation in Africa"
The House Natural Resources Committee will hold a hearing on legislation that includes possible amendments to the Endangered Species Act, sponsored by Chair Bruce Westerman (R-Ark.). - The House Energy and Commerce Committee will hold a hearing on regional grid reliability.
Wednesday |
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Two key stories on The Hill right now: |
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Commerce Secretary Howard Lutnick raised alarm over "fraudsters" receiving Social Security benefits, as Trump allies have ramped up rhetoric about potential waste in the program amid a major restructuring effort at the agency that oversees the program. Read more |
| President Trump said Friday he is "immediately" moving the handling of federal student loans to the Small Business Administration (SBA), and shifting programs for students with disabilities to the Department of Health and Human Services (HHS) as his White House seeks to wind down and eventually eliminate the Education Department. Read more |
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You're all caught up. See you next week! |
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