In This Article:
President Trump suspends a $5 billion federal program from the Biden administration that would fund the build-out of electric vehicle charging infrastructure in the US. EV charging stocks Tesla (TSLA), Blink Charging (BLNK), and EVgo (EVGO) fall in the session on this news.
Julie Hyman and Josh Lipton highlight how EV chargers are reacting to the news.
To watch more expert insights and analysis on the latest market action, check out more Market Domination here.
This post was written by Luke Carberry Mogan.
companies tied to EV charging taking a hit after President Trump halts federal funding for electric car chargers. And this was a Biden administration plan, of course, to infuse, uh, $5 billion to build out a charging network across the country. And so the administration now saying, no, this is among the many, many different programs that it has halted. It dispersed, um, was planning to disperse money to the states to build out these networks. And it sounds like some states reportedly, according to the Washington Post, for example, says maybe Pennsylvania is still keeping the the plan that's in place for its buildout, but it's unclear what's going to happen elsewhere.
Yeah, Trump Trump did make it clear on the campaign trail, you know, he was gonna rescind, uh, Biden EV initiatives and, uh, initiative talked about. I think he even made it made it clear when he made his address the Republican National Convention, and even came up, like, you know, so, um, of course there's the Elon Musk element to this, which is interesting, too. So you have Tesla, of course, big EV charger network.
Yes, I mean, Tesla has its own charger network. So you could say this remove at the same time, it removes a competitive, uh, a competitor for those networks, but at the same time, if you're buying a Tesla, you want to be able to charge it, you want to be able to have a lot of places to stop. So, uh, I don't know if it's a wash when all is said and done, not sure.
Well, same.
