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Beware of These 3 EV Charging Stocks After Sen. Joe Manchin Ruins the Chance for US Climate Change Policy -Breaking

by Mike Robinson

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© Reuters. The Chance of the United States Climate Change Policy is now overshadowed by Sen. Joe Manchin’s 3 EV Charging Stocks

The efforts worldwide to gradually phase out fossil-fuel-powered vehicles make the EV industry’s prospects bright. However, Democratic Sen. Joe Manchin’s ‘no’ position on President Biden’s Build Back Better Act makes the domestic EV industry’s prospects bleak. We believe it’s better to steer clear of fundamentally poor EV charging stocks such as ChargePoint (CHPT), Blinkcharging (BLNK) and EVgo(EVGO), which could see a decline in demand. The $1.75 trillion Build Back Better Act was passed by the U.S. House of Representatives last month. The initiative was created to lower greenhouse gas emissions, and meet climate goals.

But, Senator Joe Manchin, a conservative Democrat said yesterday that he will not vote against the Build Back Better act. Democrats need Manchin’s vote in the 50-50 Senate. His decision may lead to the end of the $1.75 billion social spending bill and the climate policy bill. The EV industry will suffer if there are no tax incentives. A study done by Anderson Economic Group, an economic consultancy firm, has shown that electric vehicles may be more costly to fuel than those with internal combustion engines.

We believe it would be prudent to steer clear of fundamentally weak EV-charging stocks ChargePoint Holdings, Inc., Blink Charging Co., (NASDAQ:), or EVgo, Inc., (EVGO) in this situation.

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