Why EV Stock ChargePoint Plunged 30.8% in February
ChargePoint will try to push its stock price higher, but it's not why you think.
ChargePoint Holding (NYSE: CHPT) stock is getting hit from all sides. Shares of the electric vehicle (EV) charging infrastructure company plunged 30.8% in February, according to data provided by S&P Global Market Intelligence, after two unfavorable developments sent panic waves among its investors -- a move by President Donald Trump and a noncompliance notice from the New York Stock Exchange (NYSE).
In early February, the Trump administration suspended a clean energy program launched by the previous administration that set aside billions of dollars in funding to the states to expand the nation's EV charging network. President Biden set an ambitious goal to build out 500,000 EV charging stations by 2030 and set aside $5 billion to achieve the goal. Although the Biden administration had already made several grants, Trump froze releasing any remaining funds under the program. That means nearly $3 billion worth of funding has now been halted.
Biden's massive clean energy program was a major growth driver for the EV charging industry and its stocks. Not surprisingly, ChargePoint stock took a big hit after Trump's order to suspend the program. ChargePoint has the largest EV charging network in the U.S.
