Trump Slams Wind and Solar Energy Via Truth Social Platform
Specialized investors and professional traders rely on up-to-the-minute reports from ‘The Fly’ to responsibly invest in and make lucrative trading decisions within electric vehicles and the clean energy industry. They not only keep themselves updated on the latest news, but they also meticulously follow the guidance of Wall Street’s most enlightened analysts. These resources are available for a broad range of companies that include new sensations such as Tesla (TSLA), Rivian (RIVN), as well as business stalwarts like General Motors (GM), Ford (F), and many more that have newly entered the thriving market through SPAC public offerings.
Donald Trump, while posting on Truth Social, expressed his disapproval of both wind and solar energy projects, calling them ‘the scam of the century.’ Trump alleged that states heavily investing in wind turbines and solar power have seen a phenomenal surge in their energy prices. His posts aimed to highlight his administration’s policy stance, which favored fossil fuels over renewables.
Several publicly traded companies operate in the domain of solar power. These include but aren’t limited to Array Technologies (ARRY), Canadian Solar (CSIQ), Complete Solaria (SPWR), Emeren (SOL), Enphase Energy (ENPH), FTC Solar (FTCI), First Solar (FSLR), JinkoSolar (JKS), Maxeon Solar (MAXN), Shoals Technologies (SHLS), SolarEdge (SEDG), and Sunrun (RUN).
A similar expression of skepticism was directed by President Trump towards wind energy projects, particularly in New Jersey. He lamented that windmill projects are both aesthetically displeasing and have led to energy shortages, with a reportedly 28% hike in energy prices over the year.
In the sphere of clean tech and renewable energy, several publicly listed companies work towards developing and implementing innovative technologies. Some prominent players in the industry are AES Corp. (AES), NextEra Energy (NEE), GE Vernova (GEV), Bloom Energy (BE), Plug Power (PLUG), First Solar (FSLR), and Fluence Energy (FLNC).
On another front, Orsted’s subsidiary Revolution Wind, in partnership with Global Infrastructure Partner’s Skyborn Renewables, received an order from the U.S. Department of Interior’s Bureau of Ocean Energy Management. This order instructed them to halt their operations on the outer continental shelf relating to the Revolution Wind project. The circumstances around this development are currently under assessment by Orsted.
Orsted is actively exploring various alternatives to quickly resolve the issue with its subsidiary’s project. These measures include reaching out to the relevant permitting agencies for any required clarifications or to resolve the problem. They are also considering legal course of action in case the need arises, with the ultimate objective to resume the interrupted construction of the project.
In other news, a U.S. District Court has decided to grant permission for a class-action lawsuit against Tesla (TSLA). The lawsuit accuses the automaker of providing inaccurate information to the customers about the self-driving features of its vehicles.
Meanwhile, Elon Musk, the CEO of Tesla, surprisingly broke the news via X about a potential delay in the United States production of a variant of the Model Y. However, he added a sense of uncertainty stating it might not even start due to the imminent arrival of autonomous driving capabilities in the country.
William Blair, after experiencing Tesla’s robotaxi service firsthand in Austin, continues to maintain a Market Perform rating on Tesla. Blair noted the pricing of the service to be half compared to Uber (UBER), making Tesla’s robotaxi a potential hit and a competitor to existing ride-hailing services.
Conversely, Macquarie’s Eugene Hsiao downgraded Li Auto (LI) from Neutral to Underperform due to an observed hike in competitive pressure. Bernstein’s Eunice Lee shares similar concerns and has downgraded Li Auto from Outperform to Market Perform. Both expect challenges for the company due to both the crowded battery electric vehicle market and increasing competition in the premium electric SUV segment.
In parallel, Jefferies decided to upgrade Enphase Energy (ENPH) from Underperform to Hold. Jefferies cites recently issued positive treasury guidance for the residential solar sector as the reason behind the upgrade. Despite the company’s stock only increasing by around 10%, the investment bank identifies this as a potential disconnect in the market.