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What the 2024 election means for EV makers GM, Ford, Tesla

Wolfe Research managing director and senior research analyst Emmanuel Rosner joins Market Domination hosts Julie Hyman and Josh Lipton to examine what a Trump or Harris victory in the 2024 election would mean for the auto industry, particularly for electric vehicle makers. If Vice President Kamala Harris won the race against former President Donald Trump, Rosner makes the case for why it would have a positive effect for EV manufacturers like Tesla (TSLA) given the tax incentives provided to car buyers. “In the case of a Trump victory, I think this is where there's a potential risk for much more disruption” in the auto industry,” the analyst indicates since potential tariffs on vehicles imported from outside the US could benefit traditional American automakers like General Motors (GM) and Ford (F). He notes that a second term for former president Donald Trump may not be as negative as previously thought since Trump is now "better friends" with Tesla CEO Elon Musk. Rosner highlighted that his top stock picks for the industry are actually those in the peripheral auto space, including Autoliv (ALV), Aptiv (APTV), and TE Connectivity (TEL), rather than automakers themselves since the analyst remains cautious about the sector. For more expert insight and the latest market action, click here to watch this full episode of Market Domination. This post was written by Naomi Buchanan.