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Biden Presidency Is the Boost EVs Need

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Biden Presidency Is the Boost EVs Need

President-Elect Joe Biden openly stated he perceives EVs to be the future of transportation. Moreover, he expressed his wish to create an American-made EV government fleet of vehicles, along with a system that offers incentives for consumers to replace gas cars with electric vehicles. That's great news for automakers like Tesla (NASDAQ: TSLA), Rivian, Lordstown Motor Corp. (NASDAQ: RIDE), but also Detroit's Ford Motor Company (NYSE: F), and General Motors Company (NYSE: GM), all of which are building electric vehicles in the US.

Supporting US-based EV manufacturing

Automakers seem to be onboard with Biden's plans as they are interested in regulatory stability that his strategy aims to bring. Ford congratulated President-Elect Biden through Car and Driver, expressing its hope these leaders will focus on bringing the country together and pursue policies that encourage U.S. manufacturing, sustainability, and global economic stability.

During a call about its battery technology, GM's vice president of electric and autonomous programs, Ken Morris, stated the company is eager to start working with the new government on the support of policies that will foster greater adoption of EVs across all 50 states and encourage investments in both R&D and manufacturing.

GM has its hands full with its potential strategic partnership with Nikola (NASDAQ: NKLA) which just reported its losses widened as executives are trying to regain momentum. This has been a tumultuous quarter in which executives of the Phoenix-based start-up came under pressure to defend the legitimacy of Nikola's business. On November 5th, GM CEO Mary Barra told Bloomberg TV that talks were still ongoing with the deadline being set for December 3rd.

Along with legacy automakers, many start-ups and new EV upcomers are joining the playfield. Ideanomics (NASDAQ: IDEX) is a global company focused on monetizing the adoption of commercial EVs along with enabling the next generation of financial services and fintech products, just reported Q3 revenue of $10.62M, a 240% increase from Q3 2019. The company today announced the acquisition of Timios Holdings Corp.

Good news ahead

The Biden administration will also likely relax at least some tariffs on international parts as it aims for a friendlier approach to international trade. This is good news for all automakers considering their dependency on a global supply chain.

This article is not a press release and is contributed by a verified independent journalist for IAMNewswire. It should not be construed as investment advice at any time please read the full disclosure . IAM Newswire does not hold any position in the mentioned companies. Press Releases – If you are looking for full Press release distribution contact: press@iamnewswire.com Contributors – IAM Newswire accepts pitches. If you're interested in becoming an IAM journalist contact: contributors@iamnewswire.com

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