With Joe Biden's election as the 46th president of the United States, Tesla and other electric vehicle makers should prepare for an investment in green energy, as well as stricter labor laws, according to a new report by CNBC.
The Biden campaign's goals for clean energy and green transportation could create up to 1 million news jobs in the auto industry. However, his administration is likely to enforce labor and financial laws.
Additionally, Biden's Administration is expected to focus on strengthening unions, which currently do not exist at Tesla's U.S.. plants. In 2019, a judge ruled that Tesla violated labor laws after the company's founder, Elon Musk, implied in a Tweet that workers who unionized would lose their stock options.
Biden's “Build Back Better” plan includes:
- Building out electric vehicle charging infrastructure, adding at least 500,000 more charging stations, in the U.S.
- Replacing the federal government’s vehicle fleet with electric vehicles
- Working with states to create stricter emissions guidelines for internal combustion engine vehicles
- Surpassing China in EV manufacturing
- Offering consumers rebates for trading in less-efficient vehicles for green cars made in the U.S.
- Increasing battery related research and development in the U.S.