Daily Poll: EV to the moon? Not on my watch.

Biden’s bipartisan infrastructure package allocated $7.5 billion for EV chargers, but Wall Street had assigned greater significance to the Build Back Better incentives which are now unlikely to pass. Democratic West Virginia Sen. Joe Manchin effectively doomed the bill Sunday, saying he wouldn’t vote in favor in the 50-50 Senate.

Shares of electric vehicle companies soon tumbled on Monday.
The stocks of EV start-ups such as $Lordstown Motors (RIDE.US)$ , $Faraday Future Intelligent Electric Inc. (FFIE.US)$ and $Nikola (NKLA.US)$ all shed more than 7% Monday. $Rivian Automotive (RIVN.US)$ , hit a new low Monday of $88.40 a share.

Shares of other automakers such as $Tesla (TSLA.US)$ and $General Motors (GM.US)$ – both of which no longer qualify for federal EV tax credits but would have under Build Back Better – also lost ground during the trading session.

The EV incentives under the Build Back Better plan include up to $12,500 per vehicle and are viewed as critical to spur consumer demand in EVs, which are priced far higher than their traditional internal combustion engine counterparts.

Source:
Electric vehicle stocks tumble after Manchin rejects Biden’s climate and social plan

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