On Wednesday, 3/31/21, President Biden made a major announcement when he described his $2.3 trillion infrastructure plan, the American Jobs Plan. In his plan, he discussed the need to improve the country’s highways, bridges, airports, and power grids. President Biden’s plan also seeks to invest in renewable energy production, electric vehicles, and improving access to high-speed internet. Other industries that will benefit from his plan are semiconductor makers, pharmaceutical developers, and construction companies.
Many companies are going to benefit from an infusion of federal funds, especially those that have been deemed important in addressing climate change. President Biden talked about how he wants to transition fleets of government cars to be electric vehicles, which means more need for charging stations. This will move energy needs away from oil and towards electricity, which can be created with renewable energy production like solar and wind power. This could mean big government incentives for automakers like Ford and GM and also electric vehicle charging companies like EVgo and ChargePoint.
I personally think the company that will benefit the most from this plan will be Tesla because it is already one of the biggest manufacturers of both electric vehicles and charging stations. Tesla is also going to be introducing their highly anticipated semitruck later this year. Beyond vehicles, Tesla also makes solar panels and solor roofs for homes. I’ve already discussed why I think Tesla is a good company to invest in on my previous blog post, Time to Invest in Tesla.
President Biden’s plan is large in scope and he said it would take place over the course of eight years, but I personally think it’s fantastic and a huge step in the right direction for American society. Politics aside, this plan would create a ton of new jobs while providing incentives for companies to be more socially responsible. This plan would improve our country’s deteriorating infrastructure and address the issue of housing shortage which is growing across the country, especially in larger cities. The American Jobs Plan will also create investment opportunities across many different sectors, what sector or companies do you think will benefit? Leave me a comment and let me know. Follow my blog where I post 2-3 times per week about finance and investing news.