The ISM’s manufacturing Purchasing Managers’ Index (PMI) slipped to 48.7 in May from April’s reading of 49.2, falling short of estimates of 49.5 for the month. Additionally, the ISM also reported that new orders fell to 45.4 and prices paid also fell to 57.0. What does weakening manufacturing data mean for energy companies and the growth of EV charging infrastructure?
ABB (ABBNY, ABBN.SW) Chairman Peter Voser says the company generally "hasn’t seen the slowdown" in electrification and automation, but has noticed a slowdown in the United States’ subsidies and grants attributed to the building of an electric vehicle charging infrastructure.
"That has to be a privately led kind of drive. We are global leader on the charger itself, but we are not building the the infrastructure for that," Voser tells Catalysts’ Madison Mills in-studio. "But this needs obviously more private money, it needs more investments because I think the electric vehicle side, the demand is there."
Voser, also the former CEO of Shell (SHEL), weighs in on President Biden’s tariffs against Chinese imports, particularly EVs.
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