Why TSLA Is Losing Ground Today

Tesla (TSLA) stock is retreating after President Donald Trump, as had been widely anticipated, yesterday took several steps that could lower EV sales.

Meanwhile, anticipation is beginning to build about the upcoming launch of a new version of Tesla’s Model Y EV in the U.S.

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Trump’s Anti-EV Moves 

Trump stated yesterday that he would eliminate a rule issued by the Biden administration that sought to mandate that two-thirds of new vehicles sold in the U.S. have no emissions by 2032. The president added that he would prevent the remaining government funds that are supposed to subsidize EV chargers from being spent, and he said that his administration may seek to terminate the tax credits for EVs.

The Model Y Refresh

TSLA is expected by many to unveil the new version of its very popular Model Y in the U.S. within the next several weeks. The updated version of the EV already debuted in Europe and Asia earlier this month, and TSLA has started selling the longstanding version of its Model Y EVs at significant discounts in America.

The updated Model Y should be more efficient, have greater range, and handle better than its predecessor, according to Elon Musk’s firm. Additionally, a touchscreen has been added to the EV’s second row, and ambient lighting has been incorporated into the vehicle.

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Disclosure: None. This article is originally published at Insider Monkey.