F"or all his personal grievances over the "woke mind virus," Musk is still the CEO of Tesla and an electric-vehicle pioneer.

On its face, a second Trump presidency would be bad for companies trying to move the country away from fossil fuels. But on a Tuesday call with Tesla's investors, Musk's reasons for his support became crystal clear.

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Rather than worrying about society's move to an all-electric future, Musk is mainly concerned about maintaining Tesla's dominant position in the EV market.

The Inflation Reduction Act, one of President Joe Biden's defining legislative accomplishments, helped spur legacy carmakers to enter the EV game in earnest. As market competition heated up, Tesla started cutting prices, which turned into an industrywide price war that Tesla isn't winning.

Over the past year, Tesla's profits have fallen by 45%, and the company's market share has withered. Kelley Blue Book said that in the second quarter of this year, overall EV sales in the US increased, but Tesla's share of those sales fell below 50% for the first time in the company's history.

It's a steep fall, considering Tesla's share of the EV market used to be as high as 80%. Without a new model to sell (unless you count the Cybertruck for some reason) and facing even more cutthroat competition in China, Tesla is under pressure all over the world."

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