Trump emphasized the importance of having alternatives to solely electric vehicles, contrasting his views with Elon Musk, whom he lauded for his achievements but disagreed on EVs.
He criticized Biden’s all-electric mandate as shortsighted and advocated for a broader approach due to concerns about the inadequacy of the country’s grid system to support mass electrification.
Expressing doubt in the loyalty of union leaders, Trump appeared confident in garnering support from auto workers, citing his lead in traditionally Democratic states like Michigan.
Biden’s alignment with auto workers and focus on clean energy and EVs has fueled tensions, particularly with industry disruptors like Tesla’s Musk feeling excluded from discussions.
Trump’s warning about Chinese competition underscores fears of unfair market practices, with Chinese EV manufacturers potentially gaining an advantage through operations in Mexico.
The KraneShares Electric Vehicles and Future Mobility Index ETF KARS closed Monday’s trading session up 1.71% at $22.66.