The United Auto Workers (UAW) union strike against Detroit’s Big Three has now expanded to more than 25,000 members. According to former President Donald Trump, the future looks bleak for America’s automotive industry.
“The autoworkers will not have any jobs, Kristen, because all of these cars are going to be made in China. The electric cars, automatically, are going to be made in China,” Trump told NBC’s Kristen Welker during a recent “Meet the Press” interview.
“The auto workers are being sold down the river by their leadership and their leadership should endorse Trump,” the former president said.
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Welker noted that UAW president Shawn Fain said that a second Trump term would be “a disaster.”
It appears that Trump is not a fan of Fain, either.
“I think he’s not doing a good job in representing his union because he’s not going to have a union in three years from now,” Trump said. “Those jobs are all going to be gone because all of those electric cars are going to be made in China.”
As global electric vehicle (EV) adoption rises, EV stocks have been in the spotlight. But some companies are poised to benefit from the trend regardless of where the cars are made. Here’s a look at two of them.
ChargePoint Holdings Inc. (NYSE:CHPT)
No matter which country makes your electric car, you need to charge it. And that’s where ChargePoint comes into play.
ChargePoint’s network has over 255,000 activated ports across North America and Europe. The company serves residential, commercial and fleet customers. It has delivered more than 188 million charging sessions to date.
Business is growing, too. In the three months ended July 31, the company brought in $150 million of revenue, representing a 38% increase year over year.
But the stock hasn’t been a hot commodity. Year to date, ChargePoint shares have fallen by nearly 50%.
Evercore ISI Group analyst James West has an Outperform rating on ChargePoint and a price target of $17.
Considering that shares are trading at around $4.56, the price target implies a potential upside of 273%.
Blink Charging Co. (NASDAQ:BLNK)
Blink is another company that focuses on the charging side of the EV business. It operates the Blink Network, a proprietary cloud-based software that operates, maintains and tracks all the Blink EV charging stations and the associated charging data.
The company said it has contracted, sold or deployed almost 78,000 charging ports worldwide.
In the second quarter of 2023, revenue surged 186% year over year to $32.8 million. Management recently raised the company’s full-year revenue target from $100 million-$110 million to $110 million-$120 million.
Yet, much like ChargePoint, Blink is a beaten-down stock. Shares have tumbled 72% in 2023.
H.C. Wainwright & Co. analyst Sameer Joshi has a Buy rating on Blink and a price target of $50, implying a potential upside of 1,567%.
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This article ‘Autoworkers Will Not Have Any Jobs’: Donald Trump Slams UAW President, Warns That All EVs ‘Will Be Made In China’ — 2 Top EV Stocks No Matter Where The Cars Are Made originally appeared on Benzinga.com
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