Tesla Inc TSLA CEO Elon Musk appeared to be amused by a speech given by President Joe Biden in which the U.S. leader praised the role of Detroit-based traditional automakers in “leading the world” in electric vehicles.
What Happened: Musk responded to a video of the president’s speech, bestowing praise on General Motors GM and its CEO Mary Barra.
The Tesla CEO replied to a tweet posted by a fan, featuring Biden’s speech, with two “Rolls on Floor Laughing” emojis.
— Elon Musk (@elonmusk) November 18, 2021
See Also: How To Buy Tesla (TSLA) Shares
Why It Matters: “In the auto industry, Detroit is leading the world in electric vehicles,” said Biden. The president's speech made no mention of Tesla, but praise was doled out on Detroit’s three large car makers GM, Ford Motor Company F, and Stellantis N.V. STLA.
The President test drove an electric Hummer SUV in Detroit on Wednesday as a part of a tour promoting the $1 trillion infrastructure bill.
Biden touched on GM’s “dramatic announcement” on turning completely electric by 2035 and credited Barra for changing “the whole story” surrounding EVs.
Wedbush securities analyst Daniel Ives recently said that conversion of GM’s massive customer base to EVs over the coming year represents a transformational opportunity for the legacy vehicle manufacturer.
Musk derided Biden as "sleeping" earlier in September over the latter’s lack of acknowledgement of the efforts made by SpaceX, a company he heads, in sending an all-civilian mission to space.
Over the weekend, Musk insulted Sen. Bernie Sanders (I-VT) when the leader demanded that the wealthy “pay their fair share” of taxes.
Price Action: On Thursday, Tesla shares closed 3.25% higher at $1,089.01 in the regular session.
Photo: Courtesy of Heisenberg Media via Flickr
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