President Trump said Thursday he doesn’t want Elon Musk’s companies to suffer as one of those firms, Tesla, reported a second straight quarter of declining sales.

Mr. Trump, writing on Truth Social, downplayed a rift with his former supporter and government-cutting ally.

“Everyone is stating that I will destroy Elon’s companies by taking away some, if not all, of the large scale subsidies he receives from the U.S. Government,” Mr. Trump wrote. “This is not so! I want Elon, and all businesses within our Country, to THRIVE, in fact, THRIVE like never before!”

One of Trump’s policies is especially jarring for Tesla: the expiration of electric vehicle tax credits on Sept. 30.

The president’s One Big Beautiful Bill sunsets the credits early instead of in 2032.

Tesla, a major EV maker, said its automotive revenue dropped 16% year over year as the automaker faces competition from abroad and public-relations issues over Mr. Musk’s political activities and former role in the Department of Government Efficiency. 

Mr. Musk, the Tesla CEO, said there could be a “few rough quarters” ahead of the EV-credit expiration.

“I am not saying that we will, but we could,” he said.

Mr. Musk, who is considered the world’s richest man, backed Mr. Trump for president after an assassination attempt on the GOP nominee during the campaign last summer. The Tesla titan spent heavily to boost the GOP and worked with Mr. Trump to slash federal spending and payroll before a bitter falling out with Mr. Trump that left their friendship in peril.

Still, Mr. Trump said of Mr. Musk and his U.S.-based businesses, “The better they do, the better the USA does, and that’s good for all of us. We are setting records every day, and I want to keep it that way!”

• Tom Howell Jr. can be reached at thowell@washingtontimes.com.