Please try another search
© Reuters. 4 Electric Vehicle Stocks to Avoid After Senator Joe Manchin Says he Won’t Vote for the ‘Build Back Better’ Bill
Senator Joe Manchin has said he will vote ‘no’ for President Biden’s Build Back Better act. The plan, which had allocated billions for incentivizing electric vehicle (EV) production and sales, could have significantly boosted the industry. With the spending plan dropped and the persisting supply chain disruptions, it might be best to avoid EV stocks Tesla (NASDAQ:TSLA), Rivian (RIVN), Lucid Group (LCID), and Fisker (FSR).Democratic Senator Joe Manchin from West Virginia has decided to vote ‘no’ on the Build Back Better act, pulling the plug on the negotiations on the present version of the legislation expanding the country’s social safety net. Senator Manchin has shared his concerns over certain provisions of the $1.9 trillion spending plan and that it may exaggerate inflation.
The negative vote on the bill puts the Biden administration’s ambitious climate goals on hold. The package allocated more than $300 billion tax incentives for electric vehicles (EVs) and other clean energy measures. In addition, the bill also included a $12,500 refundable tax credit for EV purchases. However, in the present situation, for the bill to pass, every Democrat needs to vote ‘yes’ on it, as there is no Republican support for it.
On the other hand, the semiconductor shortage and the supply chain woes are expected to put pressure on company profits. Thus, EV stocks Tesla, Inc. (TSLA), Rivian Automotive, Inc. (RIVN), Lucid Group, Inc. (LCID), and Fisker Inc. (FSR) might be best avoided now.
Investing.com - Dollar Tree (NASDAQ:DLTR) reported on Thursday first quarter earnings that beat analysts' forecasts and revenue that topped expectations. Dollar Tree announced...
(Reuters) -Macy's Inc raised its annual profit forecast on Thursday, helped by strong demand for high-margin apparel from consumers returning to weddings and other social events,...
(Reuters) - Joby Aviation Inc said on Thursday it had received a certification from the Federal Aviation Administration (FAA) that would allow it to kick start its air-taxi...
Are you sure you want to block %USER_NAME%?
By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.
%USER_NAME% was successfully added to your Block List
Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.
I feel that this comment is:
Thank You!
Your report has been sent to our moderators for review
Add a Comment
We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:
Enrich the conversation, don’t trash it.
Stay focused and on track. Only post material that’s relevant to the topic being discussed.
Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.
Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.