British Columbia has ended subsidies for Tesla (NASDAQ:TSLA) vehicles and charging stations, shifting its rebate programs to favor Canadian-made products. The province cited a focus on domestic goods and reducing reliance on U.S.-manufactured items, a move seen as a response to trade tensions fueled by tariffs imposed by U.S. President Donald Trump.
Tesla, led by Elon Musk, has found itself at the center of controversy in Canada. Musk, a Canadian citizen, has publicly criticized outgoing Prime Minister Justin Trudeau and questioned Canada's sovereignty. In response, a petition to revoke his Canadian citizenship has gained significant traction.
The discontinued rebates previously covered up to 50% of Tesla charger installation costs, saving owners as much as $10,000 per home charger. While applications approved before March 12 will still be honored, new Tesla buyers will no longer benefit.
Tesla stock has dropped 40% year-to-date, reflecting broader concerns over slowing demand and increasing global challenges.
This article first appeared on GuruFocus.Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.