Hi-Tech

Elon Musk's Boring Company will prioritize pedestrians over cars

Elon Musk's Boring Company will prioritize pedestrians over cars

He also noted that the Chinese government forces foreign automakers that want to manufacture cars in the country to partner with a local vehicle company. In a series of tweets directed at the president, Musk cited China's 25 percent import duty on American cars which is exponentially higher than the 2.5 percent the USA charges for Chinese cars. "It's like competing in an Olympic race wearing lead shoes".

Musk said that the high tariffs on cars imported to China, as well as manufacturing rules in the Asian country, have made things "very difficult" for the company. Yesterday, CEO Elon Musk took to Twitter to let the world know that the company will prioritize mass transportation over individual vehicle usage.

Unveiled last January, the proposed pay package would award Musk billions of dollars' worth of stock grants over 10 years, based on projections that Tesla's market value would rise from its current level of $55 billion to $650 billion in the next decade.

China, which is making a major push toward electric cars, requires foreign automakers to build factories in 50-50 joint ventures with domestic Chinese automakers and not allowed them to establish wholly owned factories.

The government's aim was for its then-fledgling auto industry to benefit from technology transfers by operating along with global giants such as Volkswagen AG and General Motors Co. "Just want a fair outcome, ideally where tariffs/rules are equally moderate".




But when Trump read Musk's tweets during a press event, he said that "at some point", the President was likely to enforce what he called a "reciprocal or mirror tax", where he would match the tariffs China has put on USA imports. "Nothing more. Hope this does not seem unreasonable".

Musk has met with Trump on several occasions since his election in November 2016. However, Musk has expressed support for Trump's policies before and his recent tweets could be a way for him to bring the president's attention to issues affecting Tesla, and to a larger extent, other American companies.

The president praised SpaceX again on Thursday morning. When addressing reporters in the White House, he gushed about the company launching the Falcon Heavy, the world's most powerful rocket in 45 years, and landing two of its spent boosters back on the Florida coast.

On Thursday, Trump said he meant to impose tariffs on imported steel and aluminum, but may exempt imports from Canada. So if China charges a 25 percent tariff for American goods, the United States will also be charging the same amount for Chinese goods.