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Former President Donald Trump has recently secured an endorsement from Tesla (TSLA) CEO Elon Musk. Jefferies global head of sustainability and transition strategy Aniket Shah joins Market Domination to discuss the move and whether a Trump presidency would actually benefit the EV maker.
At a recent rally, Trump talked about getting rid of EV mandates, which Shah says would be "quite bullish for the EV market." He believes that EVs have been "caught up in the culture wars of this country," and that Elon Musk's endorsement sends a message: "Elon Musk saying that, you know what? We actually don't need these tax credits anymore from the US government and President Trump saying that if people want to buy them, they should buy them. And that's that. I actually don't think that's a bad outcome for the decarbonization of the transportation industry."
He notes that if Trump takes the White House, "there will be headline risk, but the reality is, is that there's a technological revolution that is happening right now in the transportation industry." He argues that Tesla kicked off the revolution, and now that there are more companies introducing more EVs to the market, "it's very clear what direction this is all going into." He adds that the advancements in electric vehicles, in solar, wind, and batteries shows that "technology trumps politics any day of the week."
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This post was written by Melanie Riehl