It is said history has a way of repeating itself, and when it comes to automobile manufacturers there can be an argument made for a continuous cycle of boom and bust.
“If you look at all of those that set forth to build cars from day one until today, over 99.5% have gone bankrupt,” said Blink Charging Co BLNK CEO Michael Farkas Wednesday on Benzinga’s Stock Market Movers live show.
“On the other hand,” the CEO said, “if you look at those that fuel the transportation system, those are typically the most valuable companies. We believe that is going to take place again here.”
What Happened: Blink Charging is an electric vehicle infrastructure company that designs, manufactures and operates EV charging stations. The company, founded in 1998, has completed more than a dozen acquisitions while expanding its footprint as a leading EV infrastructure company.
“This is still a land grab,” Farkas said. “If you look at the global marketplace today, there are roughly a few million viable charging stations. Estimates for 2040 show [between] 350 million to 450 million charging stations are going to be needed to supply [EVs]. Our goal is to expand into every area we can.”
— Benzinga (@Benzinga) August 24, 2022
Why It Matters: The global push for EVs over standard combustion-style engines is staggering. U.S. President Joe Biden recently signed the Inflation Reduction Act of 2022 which will provide Americans with tax credits for purchasing electric vehicles. On Aug. 25, California put into effect Gov. Gavin Newsom’s 2020 plan to prohibit the sale of new gasoline-powered cars and pickup trucks by 2035.
General Motors Company GM, another major EV player, said it would phase out the sale of all automobiles powered by petroleum and solely provide those with zero exhaust emissions by 2035.
“This is an inevitability,” Farkas said. “It is going to be almost impossible to buy a non-EV almost anywhere in the world by 2035.”
You can watch the entire interview, here.
Photo: Smile Fight via Shutterstock
Image and article originally from www.benzinga.com. Read the original article here.