Elon Musk Says Tesla Will Double US Production in 2 Years After Trump Backs EV Giant Amid Stock Slump

Elon Musk has announced that Tesla Inc. TSLA will double vehicle production in the U.S. within two years.

What Happened: Musk, in a post on X said that Tesla commits to doubling vehicle production "in support of the policies of President Donald Trump" and to "demonstrate our confidence in the future of the United States."

This comes soon after Trump transformed the White House into a Tesla showroom, showcasing Tesla vehicles in a show of support for Musk and his company. This was followed by Trump’s purchase of a Tesla Model S Plaid.

In support of the policies of President @realDonaldTrump and to demonstrate our confidence in the future of the United States, @Tesla commits to doubling vehicle production in the US within 2 years!

🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸🇺🇸

— Elon Musk (@elonmusk) March 11, 2025

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Gary Black, Managing Partner of The Future Fund LLC, in a post on X called Trump's support of Tesla "HUGE".

President Trump's endorsement of Tesla today is potentially HUGE. Recall that 77.3M (49.9%) of American adults who voted selected Trump. Applying 49.9% to the total U.S. adult population of 260M implies 129.7M who likely align themselves with Trump and respect Trump's opinions.… https://t.co/r0TkM6mNPX

— Gary Black (@garyblack00) March 11, 2025

The announcement comes amidst a challenging period for Tesla. The company’s stock has been on a downward spiral, with concerns over the company’s deliveries and ongoing protests against Musk and the company over his involvement with the Trump administration's Department of Government Efficiency (DOGE).

Musk, during a recent interview, admitted he is running his businesses “with great difficulty” while working with DOGE amid a huge decline in Tesla's stock price on Monday. The company’s stock price declined over 15% to $222.15, resulting in a $130 billion loss in market capitalisation.

Protests against Tesla have emerged in the U.S. and Europe, with demonstrators criticising Musk's political activities. Tesla's European sales dropped 45% in January, contrasting with a 37% rise in overall EV sales, according to the European Automobile Manufacturers Association.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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