1 Company Poised to Profit From Biden’s Infrastructure Plan
Electric vehicles (EV) right now are a numbers game.
Two years ago, forecasts estimated that the switch would be slow. The prediction was that the EV market share would only be 7% worldwide by 2030 with 18 million EVs on the road.
Suddenly, this number is getting altered… as it’s expected that by 2025 — five years earlier than expected — EVs will surpass 10% of the world’s share of automobiles.
This is for a couple reasons…
First off, several big names are committing their new lines of automobiles to being all EV.
Delivery companies have embraced the idea to save on costs. For instance, Amazon has paired up with Rivian to change its fleet of trucks into a fully electric fleet — wanting to become entirely net carbon zero by 2040.
And automotive makers like Hyundai, GM and luxury brands have introduced new lines and models that will be on the roads in the next couple of years.
This is a huge step away from the traditional gasoline-driven autos or even hybrids, which have been on the road for decades now.
There just weren’t any incentives really to go all EV. The tech was limited to necessary frequent stops to charge, the charging took forever and trying to find a station could prove frustratingly difficult in rural or low-population areas.
All that is a thing of the past.
Add in the extra push from the latest infrastructure bill to build out EV stations across the country and you have a major boon for the industry.
$174 billion of the bill will include incentives to buy electric vehicles, and a goal to get 500,000 chargers on the roads by 2030.
As we’ve discussed in earlier issues of Technology Profits Daily,government support for EVs in countries like Norway have accelerated the demand and integration of EVs into their society.
And America looks to be the next country in line to embrace this change.
One company that stands to benefit is ChargePoint Holdings Inc (NYSE: CHPT). As the name suggest it is a company that specializes in deploying and maintaining charging stations across the world.
At over 100,000 stations, ChargePoint operates the largest network of EV charging stations across 14 different countries.
Given the fact that we’ll need thousands more stations in the near future, and given the trajectory of vehicles, ChargePoint is sitting on a gold mine right now.
The trend for EV is here. And it’s accelerating faster than anyone expected in the past year.
There are many more startups and smaller companies out there. And it’s not a bad idea to do your due diligence to research any company before parking your investments there.
Let me know what you think of this trend. Are you planning on getting an EV as your next car? Either way, I’d like to know what you think about this major shift in the automotive industry — where you think it’ll go, what hangups you have about buying an EV, etc.
Shoot me an email at AskRay@SevenFigurePublishing.com. I’d love to hear your thoughts!
To a bright future,