Why Biden forgets Tesla

While I’m always alerted by how European politicians look at innovation in the rear-view mirror, still trying to fund the “next Facebook” or the “next Amazon” while forgetting critical innovation in the infrastructure, I must say that the U.S. also end up being a victim of the past.

For instance, the way president Joe Biden is locked in with incumbents automakers and their unions is quite a thing to behold. While we can discuss to no end how much #Tesla stock is currently overvalued until very recently this car and energy company has single-handedly transformed the automotive market worldwide. And yet, Biden has to play nice with incumbents regularly “forgetting” about Tesla whenever he addresses this market.

Don’t fret, Tesla is still getting a lot of public money (both from states and the federal government), but still, it’s an incredible testimony on how difficult changing a market (innovating) is worldwide.

Meanwhile, of course, China has become an electric vehicle super-power producing millions of modern and cheap EVs. Another thing that both Biden and our own politicians conveniently forget, while flattering the excellence of our automakers begrudgingly showing off possible expensive concept cars.