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- 1 Global automotive giants have started to invest in EVs.
- 2 CHPT stock started falling in the pre-market.
People are slowly understanding how traditional vehicles are proving more hazardous than important in their lives. Last year’s data shows, there were around 2.2 million electric vehicles (EVs) on the road in the U.S. However, charging stations across the nation do not align with the number. The market currently has vast scope given there are still regions deprived of charging infrastructure.
There Isn’t Really a Proper Charging Structure Across US
Chargepoint Holdings (NYSE: CHPT), largest EV infrastructure provider in the US, is slowly spreading its roots across the nation. Currently, CHPT stock was changing hands at $8.31 at the time of writing, gaining over 4% yesterday before the close. The company recently announced that they will release their quarterly earnings next month.
According to WLTX, a CBS affiliated television station in Columbia, reported that lawmakers have passed a bill in South Carolina to boost charging stations’ development in the state. The Senate may pass the legislation in 2024. The news came after organizations including BMW, the German luxury cars manufacturer, and Scout Motors, an American automotive company, announced they are pouring billions into the state’s EV segment.
Data from the U.S. Department of Energy shows there are 470 charging stations spread across the space. A truck driver, while talking to the media outlet, highlights scarcity in charge points while passing through Columbia. The issue also persists in regions including South Dakota, Alaska and more.
CHPT Stock Price Analysis
The chart shows CHPT stock has returned to its December 2022 position, currently moving downhill. A continuous momentum may result in a breakdown below $8. However, the price is consistently following a movement, potentially eliminating the beginning of a trend.
Moreover, share value is persisting below the moving average but climbed during yesterday’s market. The Klinger oscillator has moved up the signal line, indicating the start of an uptrend. However, average true range (ATR) has slipped way below the normal range, translating to low volatility with possibility of continued consolidation.
Can Rise of EV Industry Save the Burning World?
A U.S. Bureau of Labor Statistics (BLS) report shows that EV sales have grown multifarious between 2011 to 2021. The chart below shows an exponential rise in EVs during the period. Additionally, environmental concerns, improved battery capacities, cost savings and more are expected to become potential driving factors of the market.
The World Meteorological Department’s (WMO), a special agency of the United Nations (UN), ‘State of The Global Climate 2022’ report highlights how climate change has started showing its devastating effects globally. China witnessed the most brutal heatwave alongside the second driest summer in the country’s history. Furthermore, the Yangtze river reached its lowest levels.
In Europe, the climate took a more vicious turn. Heatwaves took the lives of almost 16,000 citizens in nations including Spain, Portugal, Germany, United Kingdom and France. Temperature in the UK touched 40 degree celsius. The Mediterranean region saw major heat waves between June and August 2022 with Smara, a Moroccan city, registering temperatures as high as 49 degree celsius.
Low river flows and extreme temperature affected operations of a few nuclear stations in France. Moreover, the nation witnessed wildfires during the year. In Algeria, a North African country, wildfires killed 44 people during 2022. Apart from heat waves, the report also mentioned other chaotic scenarios including floods and heavy rains in Asian regions, tropical cyclones and more.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Anurag is working as a fundamental writer for The Coin Republic since 2021. He likes to exercise his curious muscles and research deep into a topic. Though he covers various aspects of the crypto industry, he is quite passionate about the Web3, NFTs, Gaming, and Metaverse, and envisions them as the future of the (digital) economy. A reader & writer at heart, he calls himself an “average guitar player” and a fun footballer.
