Will ChargePoint Stock Recover in 2022?
The U.S. government surely believes that electric vehicles (EVs) are the future of transport. Electric vehicles can make transport far cleaner than it is today. To drive EV growth, the bipartisan infrastructure law provides for a $7.5 billion investment in EV charging infrastructure. The government aims to develop a network of 500,000 public chargers by 2030, representing a five-fold increase from the number of public chargers in the U.S. right now.
Despite strong expected growth in the number of electric vehicles and chargers, the stocks of electric vehicle charging providers fell in 2021. Leading EV charging company ChargePoint Holdings' (NYSE: CHPT) stock fell more than 50% in 2021. Let's discuss why that happened and whether the stock will recover in 2022.
Though a 50% fall sounds alarming, it doesn't look that alarming if you consider that ChargePoint stock rose nearly 300% in the second half of 2020. ChargePoint stock is still up roughly 50% from Sept. 24, 2020, when the company first announced its intention of going public via SPAC Switchback Energy Acquisition Corporation. By comparison, the stock has fallen more than 35% since ChargePoint went public in March this year.
Source Fool.com
