President Biden has become a huge advocate for electric vehicles.
However, he’s gone to great lengths to ignore the world’s #1 EV company…
Tesla Motors (NASDAQ: TSLA) and CEO Elon Musk.
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In fact, until this week Biden never mentioned Tesla. Or recognized the company’s leadership.
Because Tesla is an anti-union company.
Detroit’s big 3 automakers – Chrysler, General Motors (NYSE: GM), and Ford (NYSE: F) – are all union shops.
Meanwhile, Tesla’s 70,000+ employees are not union members.
Biden hasn’t publicly criticized Tesla. However, his actions show his distaste for the company:
- Last September Biden hosted a summit on EVs. Executives from GM and Ford were photographed on the lawn of the White House. Yet Tesla didn’t get an invitation.
- The Build Back Better Act proposed a $4,500 extra incentive for consumers purchasing EVs. However, those incentives would only be for EVs built in the U.S. by union workers.
The President has inappropriately snubbed Elon Musk – who is one of America’s greatest innovators and entrepreneurs.
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The simple fact is that without Elon Musk and Tesla Motors – the EV revolution would NOT have happened. At all.
GM developed an EV in the 1990s and scrapped the idea. And destroyed all the vehicles. They just couldn’t make it work.
Detroit’s big three automakers sat idly on the sidelines as Tesla built a viable EV from the ground up.
The world’s biggest automakers didn’t take EVs seriously. CEOs at the big legacy automakers only woke up to EVs when they saw Tesla stock soaring…
And their own share prices sinking.
Tesla is the undisputed leader for EVs. And Joe Biden finally decided to give the company a shout out…
“Since 2021, companies have announced investments totaling more than $200 billion in domestic manufacturing here in America. From iconic companies like GM and Ford building out new electric vehicle production to Tesla, our nation’s largest electric vehicle manufacturer, to innovative younger companies like Rivian building electric trucks or Proterra, building electric buses.”President Joe Biden
Better late than never – I guess.
All it took was nearly 60,000 Tesla supporters signing a petition that asked Biden to recognize Tesla’s leadership.
Here’s the thing…
Elon Musk knows that unions stifle innovation.
Unions are designed to create rules and bureaucracy. They are – by design – anti-growth and anti-innovation. They focus on limiting flexibility. And creating an unnecessary buffer between a company’s leadership and the workers.
Tesla’s non-unionized workers get paid more than unionized workers at General Motors. The company also provides benefits. And every single employee receives stock options.
Biden’s anti-Tesla view is ridiculous. And shunning the company because it’s not a union shop is frankly un-American.
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I’m NOT buying Tesla Motors stock today.
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These stocks could be like buying Netflix (NASDAQ: NFLX) in 2010 or Tesla Motors in 2011 – which I did in my real-money portfolio.
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However, I’d be willing to bet that these stocks are “the next FAANG stocks.” And that’s why I’m personally planning to invest over $100,000 in these stocks.
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Yours in Wealth,
Meanwhile, You should read this: How Donald Trump Created the Best Stock for 2022