Elon Musk’s Endorsement Drives Trump to Back EVs

GOP presidential candidate Donald Trump has revealed that he has changed his antagonistic stance toward electric vehicles following Tesla CEO Elon Musk’s endorsement of his presidential bid. According to the former president, he has “no choice” but to support electric cars after Musk endorsed his third run to become president. While speaking at an Atlanta rally over the weekend, the controversial politician said that EVs can serve a “small slice” of the country’s population.

This is quite a notable change from Trump’s previous comments on electrification and green energy in general. He has denigrated EVs for the past several months, argued against supporting America’s fledgling electric vehicle industry and said that electric vehicle supporters should “rot in hell.”

Furthermore, Trump has called President Joe Biden’s efforts to build out the country’s EV charging system “lunacy” and renewable-energy infrastructure the “green new scam.” He has also pledged to recall all funds dedicated to these efforts. However, Trump now says he is “for electric cars” after Musk strongly endorsed his presidential campaign; Trump also observed that having a wide variety of vehicle types would be beneficial.

Trump’s reversal of opinion on electric cars points to the transactional relationship between the former president and Musk. Trump also said that the country would need $9 trillion to develop a network of public electric-vehicle chargers, a figure that hasn’t been corroborated by the White House or the EV industry.

President Biden has pledged to install only 500,000 of the 28 million chargers the United States needs to support a mass transition to electric cars, dedicating several billion dollars toward achieving this goal through the 2022 Inflation Reduction Act. Unfortunately, the deployment of this critical infrastructure has been extremely slow and is still far from complete, even as Biden’s final term draws to a close.

Although Musk is a major player in America’s burgeoning green-energy space, he has espoused increasingly right-wing opinions via his social media platform Twitter/X, even going as far as backing Trump’s presidential bid. When asked how a second Trump presidency would affect the electric vehicle industry, Musk said most EV producers other than Tesla would see some negative effects.

Electrifying the transportation industry will be key to America cutting greenhouse-gas emissions and achieving its carbon-neutrality goals because transport is responsible for approximately one-third of the country’s emissions. While Trump’s recent change of heart is somewhat encouraging, America’s EV industry would seemingly benefit the most if Vice President Kamala Harris takes the White House.

However, the overall EV industry, including entities such as Cenntro Electric Group Ltd. (NASDAQ: CENN), may also be wondering how the new administration in Washington could impact the geopolitical issues that have recently emerged and are complicating the global nature of the industry, such as import tariffs being levied in different countries.

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