"Do as I say, not as I do."
It’s a common mantra amongst most politicians, with the latest example coming from self-proclaimed socialist Rep. Alexandria Ocasio-Cortez.
During a recent interview on Face the Nation, Margaret Brennan called attention to a July quote from AOC where she said, “I look forward to buying a union-made electric vehicle.”
AOC actually owns a non-union-made Tesla and, when pressed on the issue, said:
Our car was purchased during the pandemic before a vaccine had come out, so travel between New York and Washington, the safest way that we had determined was an EV. But that was prior to some of the new models coming out on the market that had the range available. But we’re actually looking into trading in our car now.
First of all, an EV is no more or no less safe than driving an internal combustion vehicle if the concern is COVID safety. I mean, if you’re going to lie, at least come up with something more convincing. Our analysts have traveled the world over, dedicated to finding the best and most profitable investments in the global energy markets. All you have to do to join our Energy and Capital investment community is sign up for the daily newsletter below.
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The reality is she wanted to get an EV because an EV is aligned with her environmental values — and there’s nothing wrong with that. I criticize no one for making purchasing decisions that are aligned with their values.
I do it all the time.
But the reality is that AOC had no intention of giving up that sweet Tesla for a union-made EV until she got called out.
The interesting thing about this whole interview, though, is not that she got called out for being a hypocrite but that there was no conversation about the value proposition of an electric car.
Ten years ago, AOC would’ve been raked over the coals for owning an electric car. She would've been mocked, criticized, and even ridiculed for something that, back then, was referred to as a scam, or, at best, a glorified golf cart.
I remember those days…
The days when I was also criticized for telling people to invest in Tesla right after it went public. And we all know how that turned out…
It really is amazing to me how quickly electric cars went from toys for tree-huggers and wealthy eccentrics to making up nearly 20% of all global auto sales. This literally happened in roughly 10 years, and, of course, Tesla continues to hold the top spot.
This is partly due to the fact that Tesla got the early-mover advantage and it doesn’t have to deal with unions.
That isn’t to say the legacy automakers, with the dual burdens of unions and just being late to the game, won’t catch up. They’re slowly starting to put up some numbers, to be sure.
In fact, in the first half of 2023, Ford (NYSE: F), Hyundai (OTCBB: HYMTF), GM (NYSE: GM), and Volkswagen (OTCBB: VWAGY) all sold more EVs than Tesla sold units of its Model X and Model S.
Still, Tesla’s Model Y sales dominated, selling more than all legacy carmakers’ EVs combined, and Tesla will continue to own the lion’s share of this market for at least another three to five years. However, you can’t put that solely on unions.
The truth is Tesla just builds better cars. Aside from the electric Ford-150 and the Hyundai IONIQ, in terms of safety, efficiency, and overall quality, Tesla has little in the way of competition… and if Tesla drops its prices any further, it’s going to become increasingly more difficult for the legacy automakers to catch up.
The early bird gets the golden worm, I suppose, which is why I’m always on the hunt for the latest in EV technology that allows us to not only enjoy the spoils of this EV race but also make a bunch of cash in the process.
Right now, one of the most intriguing new EV technologies I’ve found is a tech company that’s developed a new kind of integrated solar panel for cars that can actually provide enough electrons to power an EV for most folks’ daily travel needs.
This new integrated solar panel literally charges the car while you drive it.
It’s already being used in a new EV that’s coming to market next year — and that EV can travel 1,000 miles before having to recharge. If you don’t believe it, you can see the proof for yourself right here.
I’m not saying this tech stock that can power a new generation of electric cars with just a roof-integrated solar panel will be able to take on the likes of Tesla, but I am saying I wouldn't be surprised to see it get acquired by Elon Musk himself.
And I lay out my entire reasoning why in this new investment note.
Jeff is the founder and managing editor of Green Chip Stocks. For more on Jeff, go to his editor’s page.
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