Why EVgo Stock Got Zapped on Friday
News of a fresh directive from the federal government sapped a lot of energy from electric vehicle (EV) charging stock EVgo (NASDAQ: EVGO) as the trading week came to a close. The company's shares tumbled by more than 7% on this development, a far steeper fall than the sub-1% decline of the S&P 500 (SNPINDEX: ^GSPC).Earlier on Friday, the Trump administration slammed the brakes on the government's $5 billion initiative to build out EV charging infrastructure near U.S. highways. The agency tasked with implementing the move, the Federal Highway Administration (FHA), ordered the states to cease their participation in the National Electric Vehicle Infrastructure (NEVI) Formula Program. It added that any plans approved by ex-President Joe Biden are suspended until the FHA's parent agency, the Transportation Department, issues new guidelines in the coming months.Continue reading
News of a fresh directive from the federal government sapped a lot of energy from electric vehicle (EV) charging stock EVgo (NASDAQ: EVGO) as the trading week came to a close. The company's shares tumbled by more than 7% on this development, a far steeper fall than the sub-1% decline of the S&P 500 (SNPINDEX: ^GSPC).
Earlier on Friday, the Trump administration slammed the brakes on the government's $5 billion initiative to build out EV charging infrastructure near U.S. highways. The agency tasked with implementing the move, the Federal Highway Administration (FHA), ordered the states to cease their participation in the National Electric Vehicle Infrastructure (NEVI) Formula Program.
It added that any plans approved by ex-President Joe Biden are suspended until the FHA's parent agency, the Transportation Department, issues new guidelines in the coming months.
