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Is Biden’s Electric Vehicle push to Help The Chinese Factory?

Even during a battery shortage, radical left Biden is pushing for electric vehicles still, and it is unclear his motive for doing that – at this time unless it is to help out his friends in Shanghai, who make Electric Vehicles.

Footage of Democrat Joe Biden surfaced on Saturday of the President bragging that he was the opportunity of massive crisis – developed by his administration- to push for a massive costly transformation of the United States by funneling, at least One Billion dollars into electric vehicles for the US Military.

Biden made the announcement at the same time Tesla is about to reopen their Chinese factory.

Biden is really excited about electric vehicles- but even his supporters are not that excited:

Biden bragged that he was the President, so he got to spend the money how he wanted to, and this was a good time to get done the things he wanted to be done- like pushing for his failing ‘signature’ green energy.

COULD IT BE HE WANTS TO BAIL HIS BUDDIES OUT? CHECK OUT THIS NEWS

Tesla Stock Jumps After Hours As Earnings Top Views

Tesla (TSLA) reported better-than-expected first-quarter earnings late Wednesday, as the EV maker slowly reopens its Shanghai factory, which was shut down for three weeks due to a spike in Covid-19 cases in China. Tesla stock jumped after hours.

Tesla earnings per share were expected to more than double vs. a year earlier to $2.26, according to FactSet analysts. Sales were seen surging 69% to $17.595 billion.

Tesla earnings per share vaulted 246% to $3.22 with sales up 81% to $18.76 billion. That’s the second straight quarter of accelerating growth for both. That includes $679 million from regulatory credits, more than doubling from Q4 2021.

Tesla previously reported that first-quarter deliveries reached 310,048 vehicles, up 68% vs. a year earlier but just above Q4 levels. That was roughly in line with views.

Wedbush’s Ives said the Q1 deliveries were “better than feared,” given the persistent chip shortage affecting all automakers as well as supply-chain bottlenecks.

“While weekly production rates were strong in Q1, a spike in COVID-19 cases in Shanghai resulted in the temporary shutdown of our factory as well as parts of our supply chain,” management said in its earnings presentation deck. “Although limited production has recently restarted, we continue to monitor the situation closely.”

Tesla’s factory in China was closed since March 28. The company on Tuesday restarted production in a “closed loop management” process, according to Bloomberg, citing local reports. That means that the reportedly 8,000 Tesla workers recalled to the factory would have to live on site. Production is likely to be limited at first. It could be mid-May or later before Tesla Shanghai returns to pre-shutdown output levels.

The Shanghai plant was closed for six days in March, but the bigger impact will be felt in the second quarter.

Nevertheless, CEO Elon Musk is optimistic output will rebound. In an earnings call with investors, Musk said he expected Q2 production would be similar to Q1, maybe slightly lower.

“We might be able to pull a rabbit out of the hat and be slightly higher,” he added.

However, CFO Zach Kirkhorn said Tesla lost about a month of volume in Shanghai and that “this will impact volume in Q2.”

Tesla opened its Berlin plant in March and its Austin factory on April 7. Giga Berlin is reportedly producing just 350 vehicles per week right now. It hopes to ramp up production to about 1,000 electric vehicles per week by the end of the month and up to 10,000 per week by year-end, according to Electrek, citing local reports.

The Berlin factory remains reliant on batteries and some other parts from China. It’s unclear what effects the Tesla Shanghai plant’s closure, or broader Shanghai shutdown and logistical issues, might be having on Berlin.

 

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