(C) Reuters. 3 Auto Stocks That Could Benefit The Most From Biden’s EV Plan
Most expect that President Biden’s infrastructure plan will pass. The plan contains $174 billion in funding to promote EVs. Here are three stocks that could emerge as big winners from the plan: TM, HMC, and VWAGY (OTC:VWAGY).Last week, President Joe Biden unveiled his infrastructure package – The American Jobs Plan. The plan includes many elements, such as spending to repair and rebuild roads, bridges, and water systems, upgrading the electric grid, and Increasing broadband internet access in rural areas.
The plan also allocates $174 billion in rebates and discounts for electric vehicle (EV) purchases and to increase the number of public chargers. The plan is targeting 500,000 public chargers by 2030 which is a significant leap from 72,000 today. It also seeks to electrify the federal fleet of vehicles and buses.
If the American Jobs Plan makes it through Congress, then it’s likely to pull forward the demand for EVs and accelerate the adoption curve. The quicker timeline for EV adoption hurts startups who still have to build out production capacity and distribution channels. In contrast, it will increase the chances of success of automakers like Honda Motors (HMC), Toyota Motors (TM), and Volkswagen (DE:VOWG_p) (VWAGY).
3 Auto Stocks That Could Benefit The Most From Biden’s EV Plan
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