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A Biden presidency could boost Tesla and the auto industry

President Donald Trump has expressed doubt over the reasons for climate change while Joe Biden has called it an "existential threat."

Posted: Oct 2, 2020 4:30 AM
Updated: Oct 2, 2020 4:30 AM

Joe Biden wants the US government to take an active role in increasing adoption of electric vehicles -- far more than President Trump does. Biden reiterated that during Tuesday night's presidential debate. That could be yet another bullish sign for Tesla and other electric car makers.

Biden supports America incentivizing companies to build a network of 500,000 electric vehicle charging stations across the country.

He says he wants America to be the global leader in EV manufacturing and plans to support that with a $400 billion public investment in automobile infrastructure, improving battery technology and changing the federal vehicle fleet to electric cars and trucks.

A Biden presidency could also lead to the return of full electric vehicle tax credits and other incentives for consumers to buy electric cars.

Tesla has already done quite well during the Trump presidency. The stock is not far from an all-time high, soaring more than 400% this year as Elon Musk's company has racked up impressive gains in sales and is finally starting to show consistent profitability. And the electric boom is a global phenomenon. Tesla's Chinese rival Nio has surged nearly 450%.

But Tesla and other electric auto stocks could get a further boost if Biden continues to lead Trump in the polls and goes on to win the election. Some experts think that most so-called ESG-friendly (environmental, social and governance) stocks would thrive during a Biden administration.

"The difference on ESG between Biden and Trump is like night and day," said David Page, head of macro research with AXA Investment Managers. "In a second Trump term, the US would stand out as being different from the rest of the world."

Biden win could be bullish for Tesla and Detroit

Analysts point out that Biden's pro-electric vehicle stance can help Tesla and other auto companies in California, which recently announced plans to phase out the sale of new cars that rely on fossil fuels by 2035.

Trump countered claims that he's against alternative energy, saying during Tuesday night's debate that he's "all for electric cars" but adding that "what they've done in California is just crazy." Trump has consistently made the case that he simply wants the auto industry to hire more workers.

Still, many of Trump's energy policies have been more beneficial to coal and oil companies, fossil fuel sources of energy that have been the primary driver (so to speak) of traditional cars and trucks made in America.

But there could also be a big jump in auto industry jobs if the Big 3 US car giants of Detroit shift even more towards producing electric cars, according to Biden.

"We can get to net zero, in terms of energy production, by 2035," Biden said about the broader energy industry during the debate, adding that this would create "millions of good-paying jobs...by having a new infrastructure that in fact, is green."

A Biden win would not just benefit auto manufacturers and suppliers like Tesla that are focused on electric vehicles and other green and emission-free technologies. It could also help employees at GM, Ford and Fiat Chrysler, according to a report from Garrett Nelson, an analyst at CFRA Research.

"Traditional automakers with largely union workforces would likely be among the biggest winners from tax incentives that would further stimulate the production and consumption of EVs," Nelson said.

Some experts argue that demand for electric cars will likely continue no matter who wins in November. There is pressure around the world to cut back on the production of gas-guzzling cars.

"Car companies have to sell vehicles globally. You can't just rely on the US," said Pasquale Romano, CEO of ChargePoint, which operates the world's largest electric vehicle network. "There will be a shift due to global pressure. That makes this trend unstoppable."

Romano also noted that the leadership in electric vehicles from Silicon Valley companies like Tesla, private firm Lucid and ChargePoint will also lead to more jobs in the US.

"We're encouraged by what seems ike broad-based support for electric vehicle adoption. It helps manufacturing in the United States," Romano said. "There could be a lot of jobs. This has the makings of a solid, noncontroversial industry that will help a lot of people."

But a Biden victory could further the acceleration of ESG-friendly government policies at a national level, which is clearly good for Tesla and other "green" companies,

"We anticipate attention to ESG investing to increase over time regardless of who sits in the Oval Office. That said, these factors may accelerate further under a more labor- and climate-focused Biden administration," said Lauren Goodwin, an economist and multi-asset portfolio strategist at New York Life Investments, in a report.

Indiana Coronavirus Cases

Data is updated nightly.

Cases: 749532

Reported Deaths: 13746
CountyCasesDeaths
Marion1030911775
Lake554681006
Allen41636691
St. Joseph36947564
Hamilton36527416
Elkhart29363459
Tippecanoe22862225
Vanderburgh22542400
Porter19331325
Johnson18405388
Hendricks17588317
Clark13200193
Madison13120344
Vigo12604253
LaPorte12394221
Monroe12163175
Delaware10947198
Howard10263225
Kosciusko9614119
Hancock8549144
Bartholomew8162157
Warrick7854156
Floyd7772180
Grant7229179
Wayne7155201
Boone6917103
Morgan6736141
Dubois6211118
Marshall6206116
Cass5991108
Henry5894108
Dearborn588978
Noble580186
Jackson508674
Shelby500897
Lawrence4732121
Gibson444093
Harrison440773
Clinton440055
DeKalb438785
Montgomery434690
Whitley406042
Huntington402281
Steuben399259
Miami392768
Jasper386954
Knox375790
Putnam372160
Wabash360583
Ripley346570
Adams344955
Jefferson335685
White330253
Daviess3031100
Wells295181
Decatur289992
Greene286385
Fayette284864
Posey273735
LaGrange272872
Scott269955
Clay265848
Washington244934
Randolph244683
Jennings235149
Spencer234231
Starke227558
Fountain218647
Sullivan213943
Owen211058
Fulton201542
Jay200932
Carroll193420
Orange188055
Perry186937
Rush175726
Vermillion173644
Franklin170235
Tipton165846
Parke149016
Pike138034
Blackford136132
Pulaski120247
Newton112736
Brown103943
Crawford102316
Benton101014
Martin91515
Warren83615
Switzerland8098
Union72810
Ohio57811
Unassigned0420

Ohio Coronavirus Cases

Data is updated nightly.

Cases: 1107225

Reported Deaths: 20091
CountyCasesDeaths
Franklin1285061459
Cuyahoga1156322204
Hamilton812991245
Montgomery524951040
Summit48356999
Lucas43309817
Butler38903603
Stark33297929
Lorain25641502
Warren24558303
Mahoning22332601
Lake21139385
Clermont20098252
Delaware18819135
Licking16649222
Fairfield16564204
Trumbull16527479
Medina15597270
Greene15256246
Clark14223306
Wood13281197
Portage13229214
Allen11903239
Richland11598211
Miami10837223
Wayne9116222
Columbiana9023230
Muskingum8889135
Pickaway8652122
Tuscarawas8639247
Marion8635138
Erie8052164
Ashtabula7139179
Hancock6996131
Ross6934161
Geauga6832150
Scioto6530104
Belmont6149174
Union583849
Lawrence5723102
Jefferson5669158
Huron5539122
Sandusky5437125
Darke5415129
Seneca5344126
Washington5308109
Athens523360
Auglaize501687
Mercer487285
Shelby476295
Knox4568112
Madison443765
Ashland435197
Putnam4334103
Fulton431871
Defiance431798
Crawford4033110
Brown401961
Logan387377
Preble3847103
Clinton378566
Ottawa372781
Highland359465
Williams347878
Champaign343858
Guernsey324253
Jackson317554
Perry297150
Morrow291340
Fayette285350
Hardin274865
Henry273267
Holmes2699101
Coshocton268459
Van Wert247264
Adams242956
Pike242735
Gallia240550
Wyandot234556
Hocking220162
Carroll196948
Paulding176342
Meigs148240
Monroe136144
Noble135839
Harrison113738
Morgan109624
Vinton85417
Unassigned03
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