Tesla (NASDAQ: TSLA) Was Not Part Of President Joe Biden’s Electric Vehicle Summit

It’s a big surprise to know that Tesla (NASDAQ: TSLA) was not part of President Biden’s electric vehicle summit. Instead, the event was at the White House on Thursday. TSLA  is the largest manufacture of Electric Vehicles in the entire world.

If not TSLA, then who attended the summit?

General Motors Company (NYSE: GM) and Ford Motor Company(NYSE: F) were on the summit. In addition, Stellantis(NYSE: STLA), which resulted from the merging of Fiat Chrysler and France’s PSA, was present at the meeting.

Those companies don’t possess many of the Electric Vehicles sales in the U.S. GM has 1.5 %, and F has 1.3 % of total U.S sales. In addition, STLA doesn’t have any electric vehicles to sell in the U.S yet.

Tesla has been making battery-powered electric vehicles all through. So naturally, there are more questions than answers to why TSLA was not part of President Biden’s summit.

Elon Musk, the TSLA CEO, tweeted that it appeared weird that the company was part of the summit.

White House/ UAM response

Jen Psaki, White House Press Secretary, said that Tesla is one of the Electric vehicle companies that understood the potential and the future of Electric Vehicles to help accomplish President Biden’s goals.

Paski added that TSLA was not a union member. Paski’s statement could conclude as to why TSLA was not part of the summit. The GM, Ford, and Stellantis are the leading employers of United Auto Workers.

Brian Rothenberg, the spokesman of UAM, said, “I was not aware that TSLA was not part of  the President’s summit.”

Early on Thursday, the three automakers announced their joint aspirations for plug-in vehicles to endorse 40% to 50% of sales by 2030. They added that the total would include plug-in hybrid vehicles that have gasoline-powered engines.

Volkswagen (VLKAF) will soon build EVs in its plant in Chattanooga, Tennessee, for the U.S market. VLKAF and Audi have surpassed TSLA in EV sales of Europe this year so far.

The TSLA’s sold in the U.S are usually produced in its Fremont plant. The TSLA’S parts are sourced domestically more than the Chevy Bolt, which gets its parts from South Korea. A government report says that TSLA receives 50% to 55% of its materials from U.S companies.

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