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However, yesterday, Sen. Joe Manchin, a conservative Democrat, said he would not vote for the Build Back Better Act. Democrats need Manchin’s vote in the 50-50 Senate. Because his decision could ruin the $1.75 trillion social spending and climate policy bill, the EV industry could suffer from low demand absent the tax incentives. A new study from the economic consulting firm Anderson Economic Group (AEG) stated that electric vehicles could be more expensive to fuel than their internal combustion engine counterparts.
Given this scenario, we think it could be wise to avoid fundamentally weak EV charging stocks ChargePoint Holdings, Inc. (CHPT), Blink Charging Co. (NASDAQ:BLNK), and EVgo, Inc. (EVGO).
