Elon Musk critical of Biden's plan to give tax credit to consumers of union-built EVs

Benzinga
·2 min read
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The S&P 500 traded higher last week despite another round of red-hot U.S. inflation numbers.

On Friday, the Labor Department reported a 6.8% increase in the consumer price index in the month of November, the index’s highest inflation reading since 1982. Persistently elevated inflation is pressuring the Federal Reserve to more aggressively taper its monthly Treasury bond and mortgage-backed security purchases.

Chipmaker Intel announced Tuesday that it plans to take its Mobileye autonomous vehicle technology unit public via an initial public offering sometime in mid-2022. Intel acquired Mobileye for $15.3 billion in 2017, but some experts estimate it may now be worth roughly $50 billion.

FILE - In this March 14, 2019, file photo, Tesla CEO Elon Musk speaks before unveiling the Model Y at the company's design studio in Hawthorne, Calif. Tesla says it will relocate its headquarters from Palo Alto, Calif., to Austin, Texas, though the electric car maker will keep expanding its manufacturing capacity in the Golden State. Musk gave no timeline for the move late Thursday, Oct. 7, 2021, when he addressed the company's shareholders at Tesla's annual meeting. (AP Photo/Jae C. Hong, File)

Influential Tesla CEO Elon Musk criticized President Joe Biden’s $1.75 trillion social spending plan during an interview at the Wall Street Journal’s CEO Council Summit on Tuesday. The spending bill would provide consumers a tax credit of up to $12,500 for purchases of electric vehicles assembled by union workers using American-built batteries. Musk has accused Biden of being biased against Tesla, which does not have unionized workers.

On Thursday, the Senate voted to allow Congress to raise the U.S. debt ceiling by a simple majority vote, potentially eliminating the threat of a U.S. default on Dec. 15.

MongoDB on cloud nine

Shares of cloud database company MongoDB gained nearly 20% last week after the company reported 50% revenue growth in the third quarter.

In the week ahead, third-quarter earnings season continues with reports from Accenture, Adobe, Rivian and FedEx on Thursday.

Analysts are projecting the S&P 500 Energy sector will report 67.7% revenue growth in the fourth quarter, highest among all market sectors, according to FactSet.

Economic numbers

Following the concerning November inflation numbers, Wall Street will get more economic updates on Wednesday when the U.S. Census Bureau releases its November retail sales report and the Federal Reserve releases its latest interest rate decision and related monetary policy statement.

Benzinga is a financial news and data company headquartered in Detroit.

This article originally appeared on Detroit Free Press: Musk critical of Biden's plan to give tax credit for union-built EVs