Electric vehicles (EVs) are expected to dominate the future automotive market, thanks to favorable government policies worldwide amid growing climate change concerns and rising crude oil prices. As a result, the demand for EV charging solutions is also expected to increase tremendously. Also, President Biden recently announced the deployment of half-million U.S.-made electric-vehicle charging stations across the country.
However, with supply chains deteriorating each day due to the Russia-Ukraine war, shortages of raw materials such as steel and aluminum remain a significant hurdle for the EV charging sector. Thus, though the industry possesses solid long-term growth prospects, fundamentally weak and overvalued EV charging stocks might witness a price retreat in the near term.
