Last year, Tesla’s rise to become the world’s most valuable automaker by market value attracted investors to electric startups and even cash for well-known automakers like General Motors as they switch to electric cars.
Shares like this could become more attractive to Wall Street under President Joe Biden, who made climate change a priority for his administration, including giving consumers incentives to adopt electric vehicles that use electricity instead of gasoline and produce no harmful emissions.
After the election of Joe Biden as President of the United States, we believe that the story of American electric cars will witness a step forward. The United States has lagged in absorbing electric cars versus Europe and China.
Dan Levy of Credit Suisse wrote to investors after Biden was elected. Biden wasted little time pushing forward with numerous promises during his campaign during the early hours as commander in chief. After his inauguration on Wednesday morning, Biden has reverted to the Paris Agreement on climate change and directed federal agencies to consider reviewing vehicle fuel emissions standards that the Trump administration has slashed.