Tesla’s Musk Criticizes Europe for “Subsidizing Pollution”

A study sponsored by environmentalist group Transport & Environmentby (T&E) prompted Tesla CEO Elon Musk to suggest on Tuesday, Oct. 6, that European countries, which spend $37.7 billion each year on subsidizing fuel-based vehicles, are “subsidizing pollution”.

“So crazy to subsidize pollution! This is not good for people, especially in dense cities with heavy traffic, where your air intake is jammed up against another car’s exhaust pipe,” Musk said in a tweet.

The T&E study, which claimed that the top 10 large car leasing companies in Europe are the cause of 8% of CO2 emissions, suggested VAT deductions and write-off to be ended for fossil fuel vehicles and urged that corporate fleets to switch to 100% emission-free vehicles.

The report also notes that companies will save an average of $5,000 per electric vehicle (EV) when they switch to electric cars since it is 9% cheaper to own and run a large electric vehicle than petrol or diesel alternatives. EVs are key when it comes to tackling climate change and air pollution.

Meanwhile, Tesla registered 9,000 vehicle deliveries in Germany as of September, a 24% year-over-year jump. making the Palo Alto-based electric vehicle company the only automaker in the European Union to actually see a rise in deliveries so far this year.

In July, Tesla started offering a lease option for its new Model Y all-electric crossover that costs $499 per month for 36 months with $4,500 due at signing.

Price Action

Tesla shares closed $10.59, or 2.55%, higher at $425.68 on Monday. As of writing, ticker is trading $2.74, or 0.64%, higher in pre-market hours at $428.41.

Reference: Brinkwire

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