Former Labor Secretary Alex Acosta told Newsmax on Monday that the reported drop in Tesla’s prices is linked to the Biden administration’s artificially created demand for electric vehicles.

“Two things are happening,” Acosta said during an appearance on “National Report.” “One, China is now coming into the market and they are government subsidized, and they’re putting in lower price, and possibly lower-quality, goods, which is really going to put pressure on the U.S. electric vehicle market as well as the Chinese electric vehicle market.

“The second thing here is, and we’ve talked about it so often, the Biden administration, in essence, they pushed electric vehicles, they artificially increased demand by offering a tax credit, but now those individuals that want them, that benefit from that tax credit, they’ve gotten the tax credit. The effect is done and that artificial demand is disappearing. And so there’s an inventory glut.”

Read more at Newsmax© 2024 Newsmax. All rights reserved.