After a year of silence, Biden finally acknowledged Tesla's "bellwether" status in electric vehicles

Breaking the silence of more than a year, US President Biden recognized Tesla as the largest electric vehicle manufacturer in the United States for the first time since taking office on Tuesday (8th).

In a speech aimed at promoting U.S. companies to expand the country's electric vehicle infrastructure, Biden said: "Since 2021, companies have announced investments totaling more than $200 billion in U.S. manufacturing, from iconic companies like General Motors and Ford to building new EV production, to Tesla, the nation's largest electric vehicle maker, to young and innovative companies like Rivian, which makes electric pickup trucks, and Proterra, an electric bus producer." ”

Since Biden took office, he has vigorously promoted the development of electric vehicles in the United States, but in related activities, Biden has only invited or publicly praised Companies such as General Motors and Ford, and always ignored Tesla. Biden also never visited any of Tesla's facilities in the United States or met publicly with Musk. White House aides said Biden did so because Musk opposed the union. This is contrary to the position of the pro-labor Biden administration.

Musk has long publicly complained about Biden's "bias" against Tesla, and at his instigation, Tesla fans launched a petition campaign online urging the White House to acknowledge Tesla's lead. Before Biden's speech, the petition had been signed by more than 58,000 people.

In addition to the support of Tesla fans, its own leading role in the electric vehicle market can not make Biden "blind" for a long time. According to Morgan Stanley, Tesla will have more revenue in 2027 than General Motors and Ford combined. Tesla's market share in the U.S. will reach 10 percent by 2026 and nearly 18 percent by 2030, by sales; its market share by sales will reach 10 percent by 2025 and 23 percent by 2030. GM's share of the U.S. market will fall from 14.6 percent today to 14 percent by 2025 and to less than 12 percent by 2030; Ford's market share will fall from 12.5 percent today to just over 10 percent by 2030.

As of press time, Tesla was up 1.22 percent to $933.29 a share on Wednesday; Shares of Rivian and Proterra, also mentioned by Biden, were up 5.76 percent and 7.23 percent, respectively.