Why EVs and Renewable Energy Stocks Crashed This Week

Despite Tesla CEO Elon Musk being close to President Donald Trump, which was supposed to be bullish for electric vehicles (EVs), the market is selling off most EV and renewable energy stocks this week. The biggest reason is the government beginning to make moves that will hurt the industry, and it could get worse.There were a lot of big declines this week, but the most notable as I write this are Rivian (NASDAQ: RIVN) falling 9.3% for the week, according to data provided by S&P Global Market Intelligence, Fluence Energy (NASDAQ: FLNC) dropping 19%, and ChargePoint (NYSE: CHPT) dropping 15.8%. While this week may be bad, it may only be the beginning if policies get worse.We haven't seen action against the $7,500 EV tax credit or other subsidies for renewable energy, but that could be coming as Trump ordered the federal government to sell 25,000 EV chargers. The chargers will be sold at a loss and may cost more to remove than they can be sold for, so it's easy to see this as a war on renewable energy. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool