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Liam Denning

Manchin Slams the Brakes on Ford and GM, Not Tesla

Elon Musk’s brand is established enough that it doesn’t need as much help as other automakers.

Tesla has its own network of chargers.

Tesla has its own network of chargers.

Photographer: David Paul Morris/Bloomberg

Anything with a hint of green was taking it on the chin Monday morning after Senator Joe Manchin of West Virginia rejected the Build Back Better Act. President Joe Biden’s signature legislative package contained roughly half a trillion dollars of support for various forms of cleantech, the biggest federal commitment to the energy transition by far.

Tesla Inc., the electric-vehicle pioneer, took a hit of 3%, which seems predictable enough. Yet it looks as if the bigger losers are those old automotive stalwarts Ford Motor Co. and General Motors Co.