Tesla CEO Elon Musk (TSLA) recently announced he will endorse former President Donald Trump in the 2024 election, with the Wall Street Journal reporting he will donate $45 million a month to a pro-Trump super PAC called America PAC. This may turn some heads as Trump made comments in his speech at the RNC over rolling back Biden administration policies involved in EVs.

Canaccord Genuity managing director George Gianarikas joins Market Domination to give insight into Musk's endorsement of Trump despite Trump's comments over striking down Biden Administration policies on EVs.

In terms of the incentives that are in place for EVs, Gianarikas comments: "We have EV incentives that have come into place after the Inflation Reduction Act was signed into law and those incentives, assuming that the people who buy the vehicle meet the income requirements and that the vehicle itself is within a certain price range, you can get $7,500 off from a federal tax perspective. The interesting thing is, though, if you look as to when those incentives were put in place and you look at what Tesla's vehicle sales have done, I'm confident they've helped.... but Tesla's vehicles sales really haven't grown significantly since the beginning of 2023"

He follows that up with: "Yes it'll definitely have an impact if those incentives somehow are taken away day one. But there are so many other things at play."

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This post was written by Nicholas Jacobino