XLY - Tesla Charging Shakeup May Disrupt Biden EV Plans | Benzinga
Tesla Inc (NASDAQ:TSLA) CEO Elon Musk‘s decision to overhaul the electric-vehicle (EV) charging team within the Austin, Texas-based company threatens the Biden administration’s plans to electrify highways.
What Happened: Musk, who stated that he’s “leaning away” from President Joe Biden and appears seemingly warm toward Republican Donald Trump in the 2024 presidential election, reportedly cut about 500 people from Tesla’s supercharger group.
The implications for the slow rollout of new fast-charging stations may delay the Biden administration’s plan to enhance the nation’s charging infrastructure, which aims to stimulate EV adoption and reduce emissions.
Trump, meanwhile, has been courting oil industry executives for donations and pledging to dismantle Biden's pro-EV plans in return.
Also Read: Tesla Cuts More Jobs In China As Competition Heats Up
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