The past few weeks have been rough for EVgo (EVGO), and by extension, for its shareholders. The stock’s now down more than 60% from its late-October peak, and touched a multi-month low just a few days ago.
But the move isn’t exactly surprising. President Donald Trump is not as supportive of electric vehicles as many expected Kamala Harris to be. Just hours after his inauguration, Trump cancelled former President Joe Biden’s executive order that mandated that half of all new cars sold in the United States be zero-emission vehicles by 2030.
And yet, if Mack Hogan, deputy editor of industry news website Inside EV, is correct, the stock’s steep sell-off may ultimately prove to be a buying opportunity. Here’s why you might want to take a stake in up-and-coming EVgo in the wake of its share price plunge.
This post originally appeared at The Motley Fool.