President Joe Biden Finally Acknowledges Tesla When It Comes To Future Of EVs...Well, Sort Of

President Joe Biden on Wednesday indirectly acknowledged Tesla Inc TSLA in a tweet after repeatedly snubbing the Elon Musk-led electric vehicle maker this year.

What Happened: The subtle and indirect acknowledgement came hidden in a Twitter post on Wednesday evening in which Biden said "electric vehicles are the future."

Biden’s post shared plans to create jobs, boost manufacturing in the U.S., offer consumer rebates to let people buy American-made, union-made electric vehicles under his Build Back Better Act and the Bipartisan Infrastructure Law.

Biden’s message accompanied a 11 second video with a fleeting glimpse of a Tesla vehicle that makes an appearance at around four seconds. The quick video tracks the evolution of the U.S. auto industry from the inception when it was powered by gas engines to all the years now.

It soon changes track to showcase the switch to electric vehicles with an image of a stationary Tesla vehicle getting charged. The clip ends with Biden trying out the Ford Motor Co’s F soon-to-be launched electric truck F-150.

Why It Matters: The development comes close on the heels of Musk coming out against Biden’s upcoming infrastructure bill, calling it insane and how the enormous spending would lead to a $3 trillion deficit.

Musk has also been targeting Biden for giving Tesla a skip as part of the federal government's conversations around electric vehicles. The U.S. leader had last month praised the role of Detroit-based traditional automakers in “leading the world” in electric vehicles.

Biden had in his speech, gave credit to General Motor Co GM CEO Mary Barra for electrifying the auto industry, while speaking at the inauguration of GM’s Factory Zero.

Price Action: Tesla shares closed 1.64% higher at $1,068.96 a share on Wednesday.

Photo: Gage Skidmore via Flickr

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