What Happened: Joe Biden may have accidentally disclosed the future plans for General Motor Inc.’s (NYSE: GM) Corvette in his campaign ad.
The ad was posted on Biden’s Twitter account on Wednesday in which he spoke about his passion for driving and the prospective market dominance of American automobiles on a global scale.
Why It’s Important: It is interesting to note that he didn’t speak politics but spoke about automobiles throughout the video.
Sitting on the driver seat of his much-beloved Corvette he said, “This is iconic industry. How can American-made vehicles no longer be out there? I believe we can own the 21st-century market again by moving to electric vehicles.”
In a way, he was reiterating the statement made by the President of General Motors, Mark Reuss, “electric vehicles would be a true mark of progress toward a world of zero emissions,” while announcing the GMC Hummer EV.
Biden’s next statements are the flashpoint of the whole video, he said “And by the way, they tell me, and I’m looking forward to — if it’s true — to driving one, they’re making an electric Corvette that can go 200 mph. You think I’m kidding? I’m not kidding. So I’m excited about it.”
What Next: Now this, is a big revelation! It was clear from the announcement of GMC Hummer EV that GM has gone all out on the electric vehicle front.
Tesla Inc. (NASDAQ: TSLA) and Nikola Corporation (NASDAQ: NKLA) being the leading flag-bearers of the segment GM did not want itself to be left behind in the race. With Biden’s disclosure, it is clear the GM is not only resting with its Hummer but plans to expand and make its iconic models like the Corvette to be incorporated in the segment as well.
The company is yet to confirm Biden’s statements.
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