Tesla Inc (NASDAQ:TSLA) stakeholders are digesting the latest political move, which has President Joe Biden stepping down from the contentious electoral race. The shocking measure will likely have significant implications for the electric vehicle (EV) market. Just several days ago, the Biden administration announced that it intended to inject nearly $1.1 billion in funding to support legacy automakers' efforts in developing manufacturing hubs for EVs.

Naturally, the Democrats are under severe pressure to rally behind the eventual nominees for president and vice president. Biden has endorsed current vice-president Kamala Harris to take the top role. However, other viable candidates...