Tesla Motors Inc (NASDAQ:TSLA) is being praised by Republicans who didn’t have great things to say about the company in the past. The electric car maker has successfully adopted the green technology and federal stimulus loans, both of which were hated by Republicans. Previously, the Republicans thrashed Tesla by saying that it is utilizing $465 million in taxpayer money to build cars for the rich.
Tesla gets Republican support
Previously, Sarah Palin said that the car manufacturer is an apt example of “crony capitalism” and Mitt Romney called the company a “loser.” The situation is now entirely reversed as the party leaders are singing the praises of the company to attract a larger number of voters, says a report from SF Gate by David R. Baker.
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In recent weeks, Tesla Motors Inc (NASDAQ:TSLA) attracted leaders such as Florida Senator Marco Rubio, Texas Gov. Rick Perry and Fox News commentator Bill O’Reilly.
“Everybody on the planet should be rooting for Tesla,” O’Reilly said on his March 31 show. “I mean everybody, even the traditional car companies that will have to compete.”
Perry and Rubio have voiced opposition to state laws that ban Tesla Motors Inc (NASDAQ:TSLA) from selling its vehicles directly to the customers. Republicans are supporting Tesla in its fight against traditional franchise dealerships.
Supporting Tesla good for image
The purpose of this support is evident as the party is seeking to update its image as a pro business party in a bid to woo the tech minds of Silicon Valley, who largely support Democrats. According to Mark Munro, a senior fellow at the Brookings Institution, this is an issue where the libertarian ethos of Silicon Valley may coincide with the libertarian ethos in the Republican Party.
“This could be, for either party, a pillar for a very appealing story on economic change,” Munro added.
In the past, Tesla Motors Inc (NASDAQ:TSLA) garnered support from some Republicans like former California governor Arnold Schwarzenegger, who supported Tesla citing the company as an example of the state’s technological leadership and bought a Roadster for himself. However, he reportedly returned the car after finding it difficult to hop on and off.
At 9.50 a.m. EDT, Tesla shares were up 1.53% at $207.48.