A GOP Congress could look at electric vehicles differently
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U.S. Republican Senator Lindsey Graham stated he plans to hold a hearing on electric vehicle batteries and sourcing issues if the Republican Party were to retake control of the Senate in November.
Graham wants to dig into the impact of the shift to EVs on automakers and the oil industry. In particular, he wants to know where battery parts come from, details on raw materials, and the impact on the electrical grid from more EVs on the road.
The longtime Senator thinks the U.S. will never be able to make batteries entirely domestically. "We're going to have to sit down with the Chinese... It can be a win-win," he stated. 
Many U.S. and global automakers think the new requirements to qualify for an EV tax credit are too rigid, which may also be a point of discussion if Graham gets his hearing.
Analysts do not think automakers will shy away from their aggressive electric vehicle, autonomous vehicle, and mobility plans - but may be supportive of less rigid sourcing rules as long as government support for EV programs is still in place and there is a continued path for partnerships in China.
A Senate hearing on the topic of electric vehicles would have the full attention of Tesla (TSLA), Rivian Automotive (RIVN), Fisker (FSR), Nikola (NKLA), Workhorse Group (WKHS), Lucid Group (NASDAQ:LCID) - as well as legacy auto giants like Ford (F), General Motors (GM), Volkswagen (OTCPK:VLKAF), Stellantis (STLA), Honda (HMC), Nissan (OTCPK:NSANY), and Toyota (TM). New EV legislation could also impact companies such as Blink Charging (BLNK), EVgo (EVGO), ChargePoint Holdings (CHPT), Volta Industries (VLTA), Wallbox (WBX), Beam Global (BEEM) and Allego (ALLG) looking for an EV adoption explosion.
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