Joe Biden may have just fueled more upside for electric vehicles.
He already rejoined the Paris Accord, which is bullish for green stocks. He mentioned a $2 trillion clean energy plan, with hopes for net zero emissions by 2050.
In addition, according to Rodney Johnson, president of economic research firm HS Dent Publishing, as quoted by Kiplinger. “Infrastructure spending, green energy and health care are all Democratic priorities and should do well under a Biden presidency.”
Now, Joe Biden just said the entire federal fleet will be replaced with electric vehicles.
“The federal government also owns an enormous fleet of vehicles, which we’re going to replace with clean electric vehicles made right here in America, by American workers,” said Biden, as quoted by Benzinga, which added, “The U.S. fleet is made up of 645,000 vehicles which include 245,000 civilian vehicles, 173,000 military vehicles, and 225,000 post office vehicles.”
If that’s the case, keep an eye on stocks like Workhorse Group (WKHS) and Lordstown Motors Corp. (RIDE). Both could push higher when and if the fleet is upgraded to clean energy.