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Electric vehicle stocks have been on a strong upward trajectory in recent times, and it's partly attributable to Democrat Joe Biden taking over the Oval Office in January.
His presidency has far-reaching ramifications across all sectors, particularly the EV industry, according to Wedbush analyst Daniel Ives.
Blue America To Focus On Green Energy: The incoming administration's focus on environmental issues and reducing the domestic carbon footprint will likely have a dramatic impact on electric vehicles in the near-term, Ives said.
Clean energy and zero-emissions vehicles are likely to benefit from a bid to accelerate deployment of EVs and public charging outlets by 2030, the analyst said.
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Are Tax Incentives Ahead? Restoration of the EV tax credit for Tesla Inc (NASDAQ:TSLA) is central to steepening the demand adoption curve for consumers in the U.S., Ives said.
Biden could roll out a host of tax incentives, notwithstanding a Republican-majority Senate tempering expectations of passing legislation, the analyst said.
More than $200 billion of capex, factory build-outs, distribution, and R&D will be spent over the next five years on EVs by auto stalwarts such as General Motors Company (NYSE:GM), Ford Motor Company (NYSE:F) and Tesla, as well as pure plays focused on the massive market opportunity, Ives said.
"As such, this creates a compelling scenario for many in the Beltway to support regardless of party affiliations as GM, Ford, and Tesla (building out Cybertruck factory in Austin during 2021) carry heavy political weight," the analyst said.
John Kerry's appointment as a special presidential envoy for climate this week further underscores Biden's commitment to climate issues, he said.
"In a nutshell, we believe the stage is set for US demand to follow the leads of Europe and China with an EV friendly Biden Administration in 1600 Pennsylvania Avenue and a domestic auto industry (led by GM and Tesla) laser focused on EV vehicles over the next decade."
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Photo courtesy of Tesla.
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.
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