President Joe Biden just laid out his infrastructure plan… And he wants to spend a jaw-dropping $174 billion on boosting the electric vehicle market.
That’s more than he wants to allocate to highway and bridge repairs!
So it’s only natural that everyone’s asking me how Biden’s infrastructure plan benefits EVs.
But as ambitious as his plan is, WealthPress Senior Strategist Roger Scott cautions us to not get too far ahead of ourselves.
How Biden’s Infrastructure Plan Benefits EVs
Biden’s plan faces an uphill battle on Capitol Hill. Even before the reveal in Pittsburgh, Pennsylvania, Republicans have been voicing concerns about the proposal’s cost, and the corporate tax hikes needed to pay for it.
The Biden administration wants to raise corporate taxes to 28% from 21%, set by former President Donald Trump’s 2017 tax law.
That’s why we have to be cautious and not make moves that’ll come to bite us in the end. We have to select each electric vehicle stock individually instead of relying on the entire sector as a whole.
In fact, numerous pot stock investors ignored that approach, and they’re still waiting for some of those penny stocks to recover.
Roger wants to make sure we’re only putting our money into EV stocks that Biden’s infrastructure plan benefits. That’s especially important when investors and traders are rotating into less speculative names, and instead into stocks based on actual value.
The best way to take advantage of an increase in electric vehicle growth is to invest in industrial companies that are just getting into the space right now instead of investing in beaten-down stocks like Tesla, which is highly speculative right now.
The EV stocks Biden’s infrastructure plan benefits will not only see a boost because of the increase in demand in EVs, but also because they’re grounded in Industrials and basic Materials, which are both defensive sectors that are rising at the moment.
So check out my friend Roger’s video below to see how Biden’s infrastructure plan benefits EVs, and which two you might want to target now. Be sure to leave your thoughts in the comments section below.