July 23 (Reuters) - Tesla CEO Elon Musk said on

Tuesday that U.S. presidential candidate Donald Trump's

potential removal of support for electric vehicles would hurt

other automakers more than the Austin, Texas-based firm.

"It would be devastating for our competitors, and it would

hurt Tesla slightly but long term probably actually helps Tesla

would be my guess," Musk said in a post-earnings conference call

after the EV maker reported its lowest profit margin in more

than five years.

Former President Trump, the Republican candidate supported

by Musk, has been critical of the Biden administration's EV

policies and has said that he will "end the electric vehicle

mandate" if he wins office.

Trump has not explained the plan in detail.

Musk said any Trump removal of subsidies, and the resulting

impact on Tesla car sales was not crucial because Tesla is an

artificial intelligence company focused on self-driving

technology.

"The value of Tesla overwhelmingly is autonomy. These other

things are in the noise relative to autonomy," Musk said.

The billionaire announced his endorsement of Trump shortly

after an assassination attempt on the presidential candidate

this month.

Musk has denied a media report that he pledged to donate $45

million per month to Trump, but he said he had created a

political action committee.

Musk's support for Trump created some confusion among Tesla

fans who questioned how his election would help the EV company.

Trump's pick for vice president, JD Vance, last year

introduced a bill to eliminate EV subsidies and replace them

with a credit to promote gas-powered vehicles, though it has

virtually no chance of passing in the current Congress.

Musk said in a post on X last week, "Take away the

subsidies. It will only help Tesla. Also, remove subsidies from

all industries!"

In his acceptance speech at the Republican Party's

convention last week in Milwaukee, Trump said his administration

would slap tariffs of 100% to 200% on cars made in Mexico to

make them "unsellable" in the United States.

Musk said on Tuesday the EV maker has paused plans for a

plant in Mexico and would reassess investing in a new

gigafactory in the country after the U.S. presidential election.

"Trump has said that he will put heavy tariffs on vehicles

produced in Mexico so it doesn't make sense to invest in

Mexico," he said.

Musk said Tesla is increasing capacity at its existing

factories significantly and plans to produce robotaxis at its

factory in Texas.