Tesla Set To Be 'One Of The Biggest Winners' In A Biden Presidency, Says Analyst

Tesla Inc (TSLA) stands to be among the major gainers in the event Joe Biden wins the presidential race, CFRA analyst Garrett Nelson told Yahoo Finance in an interview Friday.

Tesla Set To Be 'One Of The Biggest Winners' In A Biden Presidency, Says Analyst

What Happened: Nelson said that Tesla would be “one of the biggest winners” due to the company being an “electric vehicle pure play.” EVs would be heavily subsidized under a Biden administration, the analyst noted.

The CFRA analyst pointed to Biden’s proposals of “a massive expansion of tax credits” for EVs as well as a “huge build-out of EV charging stations” as upsides. 

“You're looking at about a 20-fold increase in the number of EV charging stations, which would really help the electric vehicles in the adoption,” said Nelson.

Why It Matters: In the final presidential debate held in Tennessee last week, Biden said his administration would invest in 50,000 EV charging stations on the highways.

The candidate said the charging stations would lead to the U.S. owning “the electric car market of the future.”

The former vice president thinks his vision for EVs can tackle climate change and create “new good-paying jobs.” 

The Elon Musk-led company reported third-quarter revenue of $8.77 billion, an increase of 39% year-on-year last week.

Price Action: Tesla shares closed nearly 1.2% lower at $420.63 on Friday.

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

How did you like this article? Let us know so we can better customize your reading experience. Users' ratings are only visible to themselves.

Comments

Leave a comment to automatically be entered into our contest to win a free Echo Show.