Elon Musk said he’s carrying out his threat to form a new political party after his fissure with President Donald Trump, announcing on social media that he would form the America Party in response to the president’s sweeping tax cuts law.

EV giant Tesla Inc. (TSLA) is urging potential customers to take delivery of their new vehicles before September 30 to qualify for $7,500 federal tax credit. Tesla shares were down 0.4% at the time of writing.

Elon Musk has officially launched a new political movement, the "America Party," following the repeal of the $7,500 federal EV tax credit.

In response, Trump told NBC News that he had no intentions of speaking to Elon and said he would "pay very serious consequences" if he funded Democrats in future elections. Things simmered down when the two backtracked a bit. Trump told reporters he was planning on keeping the red Tesla.

But Tesla's troubles, though levered to Musk, may be deeper than Musk's distractions, such as politics, gaming, and colonizing Mars. A record fourth quarter delivery report in January seemed to indicate all was well with Tesla, but it doesn't tell the full story.