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Electric Vehicle Checkpoint: Biden Administration is Very Pro-EV

See the latest news for the top stocks in the electric vehicle space including Ford, Rivian, Lucid, General Motors, and more.

The Biden administration has been very pro-EV.

Driving an electric vehicle cross country could get a lot easier soon as the administration prepares to unveil the federal strategy for a cross-country electric vehicle charging station network.

The plan to build 500,000 charging stations coast to coast will be funded in part by the $1 trillion infrastructure law the U.S. president signed into law in November. The law authorizes $5 billion in federal money for states to build the network and another $2.5 billion for local grants to support charging stations in rural areas and poor communities.

"President Biden, American families, automakers, and autoworkers agree: the future of transportation is electric,'' the White House said in a statement. “The electric car future is cleaner, more equitable, more affordable and an economic opportunity to support good-paying, union jobs.''

Last week, the president signed an executive order that commits to making the U.S. federal government carbon-neutral by 2050. The plan also calls for a 65% reduction in greenhouse gas emissions by 2030 and an all-electric fleet of cars and trucks by 2035. 

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Currently, Tesla  (TSLA) - Get Tesla Inc Report has the country's most extensive charging apparatus with its supercharger network. But the Austin company's advantage could be challenged by the government's new initiative.

Tesla's CEO Elon Musk has been named Time Magazine's Person Of the Year. Musk has been recognized for pushing the boundaries of electric cars and commercial space exploration with his SpaceX company, as well as his ability to shift the culture, and the stock market, with his Tweets. 

"Now that Musk has finally gotten some attention from the press, perhaps he'll reconsider his idea to leave Tesla and SpaceX to become a full-time influencer," wrote TheStreet's Michael Tedder. 

Following Musk’s crowning, Sen. Elizabeth Warren (D-Mass.) took to Twitter to weigh in on the billionaire wealth debate and hers and others' perspective that those who make the most don't pay their fair share of taxes.

“Let’s change the rigged tax code so The Person of the Year will actually pay taxes and stop freeloading off everyone else,” Warren said.

Paper billionaire Musk shot back at the comments by telling the Warren to “stop projecting” and calling her “Senator Karen” for criticizing Musk for not paying enough in taxes.

"I will pay the most taxes of any American In history," Musk said. 

Elon Musk Sells More Tesla Shares To Pay Taxes 

Musk isn't done selling shares of his company — he celebrated his Person Of the Year award by offloading another massive chunk of Tesla stock. He had pledged to sell 10% of his Tesla stake, but his follow-through on that pledge may have cost the electric vehicle automaker its trillion-dollar valuation.

Musk sold another 934,091 shares on Monday, netting himself about $906.5 million to cover the taxes on the 2.1 million more options he took out earlier.

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According to regulatory filings, Musk has now sold a total of $12.7 billion in stock over the past five weeks. On Monday, Tesla closed below the $1 trillion market cap mark for the first time since Oct. 22.

Musk has been vocal about his reasons for the stock sale, saying that pending tax increases on his unrealized capital gains is the reason he is cashing out. 

He has repeatedly gone after President Joe Biden for his policies, saying in September that the Biden does not have "the friendliest administration," after the White House did not invite Tesla to a carmakers summit. 

TheStreet Quant Ratings rates Tesla as a Buy with a rating score of B.

Here are more of the top electric vehicle stocks to watch:

Ford Halts Reservations for F-150 Lightning on Strong Demand, CEO Says

Ford  (F) - Get Ford Motor Company Report CEO Jim Farley said that interest in the automaker’s soon-to-launch F-150 Lightning pickup truck is so great that it had to stop taking reservations, CNBC reported. "We are completely oversubscribed with our battery electric vehicles, Lightning especially,” Farley told Jim Cramer. “We had to stop reservations we got so many. We stopped at 200,000, and those are orders. Hard orders."

Farley said Ford is pushing full production capacity at “70,000 or 80,000 units” of the Lightning, the all-electric version of America’s decades-long best-selling F-series pickup truck. “We’re going to try to double that,” he said. “We’ve done it in the past. Don’t bet against Ford when we have to increase capacity. This is what we do.” The Lightning is expected to arrive in dealerships by mid-2022.

TheStreet Quant Ratings rates Ford as a Buy with a rating score of B.

Lucid Stock Lower After $1.75 bln Convertible-Note Offering

Shares of Lucid Group  (LCID) - Get Lucid Group, Inc. Report dropped this past week after the electric-vehicle producer proposed to offer $1.75 billion of convertible senior notes. The notes, due 2026, are to be sold in a private offering to institutional buyers. Lucid also expects to grant the initial purchasers an option on an additional $262.5 million of notes. The company intends to use the proceeds from the offering to "finance or refinance, in whole or in part, one or more new or existing 'Eligible Green Investments.'"

Previously last week, Lucid shares dropped after the luxury-electric-car maker said it received a subpoena from the U.S. Securities and Exchange Commission linked to a probe into its July merger with Churchill Capital. Lucid went public in July following a merger with Churchill, a so-called blank-check company started by investment banker Michael Klein.

TheStreet Quant Ratings does not have a rating for Lucid.

Rivian R1T Crowned as MotorTrend's 2022 Truck of the Year

Automotive magazine and influential car and truck rater MotorTrend on announced that Rivian Automotive's  (RIVN) - Get Rivian Automotive, Inc. Class A Report all-electric Rivian R1T has been crowned its 2022 Truck of the Year, naming the first mass-produced electric truck to hit the U.S. market "the most remarkable truck MotorTrend has ever driven." 

The Rivian R1T was judged the 2022 Truck of the Year by excelling in each of MotorTrend’s six key criteria: safety, efficiency, value, advancement in design, engineering excellence, and performance of an intended function, MotorTrend said.

TheStreet Quant Ratings does not have a rating for Rivian.

GM to Spend Over $3 bln on Electric Vehicle Projects

General Motors  (GM) - Get General Motors Company Report reportedly intends to spend over $3 billion to manufacture electric vehicles, including one project from an existing plant in Michigan, sources familiar with the topic told the Wall Street Journal. The automaker is working on two projects in Michigan to ramp up its electric vehicle production, including one to retrofit its Orion Assembly plant in Detroit to produce electric pickup trucks, the sources said.

This conversion would require an investment of $2 billion or more and would create at least 1,500 jobs at the factory, the sources added.GM’s electric vehicle strategy also includes the construction of a factory to manufacture battery cells. The factory would be located near an assembly plant in Lansing, Michigan, the sources told the WSJ. 

TheStreet Quant Ratings rates GM as a Buy with a rating score of B.

Xpeng Traded Higher After Teasing Launch of New Electric SUV

Xpeng's  (XPEV) - Get Xpeng Inc Report American depositary receipts traded higher in premarket this past week after the Chinese electric-vehicle maker indicated it is set to reveal a new sport utility vehicle. In a brief statement accompanied by a shadowed-out SUV, Xpeng said it will unveil its new “smart EV” model at the 19th Guangzhou International Automobile Exhibition on Nov. 19. Xpeng co-founder Henry Xia will speak via live broadcast at the show. The car is likely to be the successor to Xpeng’s current SUV, the G3 and G3i, according to reports.

TheStreet Quant Ratings does not have a rating for XPeng.

JPMorgan Bullish on Electric Vehicle Charging Firm EVgo

Shares of EVgo  (EVGO) - Get EVgo, Inc. Class A Report were rising this past week after analysts at JPMorgan initiated coverage of the electric vehicle charging operator at a buy-equivalent overweight rating and a price target of $20 a share. "We anticipate the company driving outsized revenue growth on rapidly increasing fleet adoption and higher utilization," wrote Bill Peterson in a note to investors.

"EVgo is a market leader in DC [direct current] fast charging, generating revenue streams from its installed charger base and prudently adding capacity as utilization increases," Peterson added. EVgo's network can be used for all types of EVs in the U.S. without an adapter, including Tesla, JPMorgan analysts added.

TheStreet Quant Ratings does not have a rating for EVgo.