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The negative vote on the bill puts the Biden administration’s ambitious climate goals on hold. The package allocated more than $300 billion tax incentives for electric vehicles (EVs) and other clean energy measures. In addition, the bill also included a $12,500 refundable tax credit for EV purchases. However, in the present situation, for the bill to pass, every Democrat needs to vote ‘yes’ on it, as there is no Republican support for it.
On the other hand, the semiconductor shortage and the supply chain woes are expected to put pressure on company profits. Thus, EV stocks Tesla, Inc. (TSLA), Rivian Automotive, Inc. (RIVN), Lucid Group, Inc. (LCID), and Fisker Inc. (FSR) might be best avoided now.
