Investors Are Turning On A Key Pillar Of Biden’s Climate Agenda
California Aims To Ban Gas Powered Cars By 2035
NICK POPE
CONTRIBUTOR
December 26, 2023
10:45 AM ET
Investors are backing off of electric vehicle (EV) charging companies, a key player in the Biden administration’s wider climate agenda, The Wall Street Journal reported Tuesday.
Major companies in the industry— including ChargePoint, EVgo and Blink Charging— have seen their stock prices tumble over the past year as investors worry about their profitability, a sign of potential trouble for an industry that the White House is counting on to reach its aggressive longer-term EV targets, according to the WSJ. The administration has set aside billions of dollars to boost the industry, which it will need to thrive in order to develop a nationwide network of charging stations.
ChargePoint’s stock price is down 74% in 2023, while EVgo and Blink Charging have seen their shares lose 21% and 67% of their value, respectively, according to the WSJ. (RELATED: EXCLUSIVE: Sen. Ernst Is Pulling The Plug On Biden’s Electric Vehicle Charging Initiative)
ChargePoint, which the administration has touted in the recent past, is also currently subject to a class action lawsuit that alleges company executives engaged in securities fraud by making misleading statements that unduly inflated the firm’s share price.
https://dailycaller.com/2023/12/26/investors-electric-vehicle-charging-stocks/
