The electric vehicles (EV) industry has grown substantially with support from governments worldwide. And with significant provisions for the EV industry in the now-enacted infrastructure bill, the EV market is expected to grow significantly. EV stocks Blink Charging (BLNK) and Lordstown Motors (RIDE) have been upgraded recently by Street analysts. So, we think it could be wise to add these stocks to one’s watchlist. Let’s discuss.The electric vehicle (EV) industry has gained immense popularity over the past few years due to a greater emphasis on climate protection and sustainability. Governments are investing heavily and are incentivizing the production and sale of EVs. And President Biden recently signed a trillion-dollar bipartisan infrastructure bill into law, which has $7.50 billion allocated to build EV charging networks nationwide.
In line with President Biden’s executive order requiring 50% car sales in the U.S. 2030 be of electrified units, the bill includes a $2.50 billion grant provision for organizations or public entities building EV infrastructure over the next five years. Furthermore, the International Energy Agency (IEA) expects EVs to make up 60% of new car sales by 2030.
Given the industry’s stellar growth prospects, we think it could be wise to watch EV stocks Blink Charging Co. (NASDAQ:BLNK) and Lordstown Motors Corp. (RIDE), which Wall Street analysts have recently upgraded.