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Nevertheless, the bill’s passage in the Senate is seen as a significant step toward President Biden’s goal of the construction of 500,000 EV charging stations in the U.S. over the next decade. Furthermore, the industry is expected to grow quickly because it plays an essential role in contributing to the worldwide adoption of EVs to replace internal-combustion vehicles. According to an Allied Market Research report, the global EV charging system market is expected to grow at a 26.2% CAGR over the next nine years.
Prominent EV charging stocks ChargePoint Holdings, Inc. (CHPT), EVgo, Inc. (EVGO), and Blink Charging Co. (NASDAQ:BLNK) are expected to benefit significantly from the proposed spending.
