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The 2020 presidential election could have a long term effect on the timeline for rapid electric vehicle expansion in the United States.
EV, Auto Stocks Under Trump: A win by Trump could prove a sigh of relief for large automakers General Motors Company (NYSE:GM) and Ford Motor Company (NYSE:F).
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Both automakers have been slower to adapt to the shift to electric vehicles. A win by Trump could give the automakers more years to boost their infrastructure and production for electric vehicles.
The Detroit News reports General Motors plans to invest $20 billion on electric vehicles and autonomous vehicles through 2025. Ford plans on investing $11 billion on electric vehicles by 2022.
Trump has been hesitant to award tax credits for people to purchase electric vehicles. This could be good news for the large automakers who can compete with electric vehicles by offering cheaper vehicles without the credits.
Related Link: How the 2020 Presidential Election Could Impact Health Care Stocks
EV, Auto Stocks Under Biden: Electric vehicle stocks are expected to get a big boost if Joe Biden is elected president in the 2020 election.
Tesla Inc. (NASDAQ:TSLA) could be one of the biggest winners under a Biden presidency. The former vice president is expected to bring back tax credits for electric vehicles.
Biden has also called for the expansion of electric vehicle charging stations.
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“We’re going to build 500,000 charging stations on all the highways we’ll be building in the future.”
CFRA analyst Garrett Nelson told Yahoo Finance that Tesla could be a winner due to the rapid expansion in charging stations.
“You’re looking at about a 20-fold increase in the number of EV charging stations, which would really help the electric vehicles in the adoption,” said Nelson.
Winners from the build-out of charging stations could be Blink Charging Co. (NASDAQ:BLNK) and ChargePoint. Switchback Energy Acquisition Corporation (NYSE:SBE) is acquiring ChargePoint through a SPAC deal.
Biden said in a Town Hall that he would consider introducing a plan similar to Obama’s “cash for clunkers.”
“We’re going to make it easier for American consumers to move to the vehicles of the future,” Biden said.
A Biden clean energy plans calls for $2 trillion in investments and a goal of getting to zero emissions by 2050.
Biden plans on pushing forward replacing US government vehicles to electric vehicles. He plans on helping with grants for automakers that are boosting electric vehicle productions “so that the United States – not China – leads the world in clean vehicle production,” reports Car and Driver.
Benzinga’s Take: A Biden presidency could rapidly expand the growth of electric vehicles and the infrastructure of charging stations. Investors could flock into electric vehicle names and trade out of companies like GM and Ford that have been slow to adapt.
The Global X Autonomous & Electric Vehicles ETF (NASDAQ:DRIV) could be a good play for investors to take advantage of the whole electric vehicle market.
Screenshot: 'Joe Biden Gets Vetted | Joe Biden For President 2020'
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.